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Bahrain Telecommunications Co BSC Issues Further Information Concerning Various Companies Acquisition From Cable & Wireless Communications PLC

Monday, 3 Dec 2012 12:50am EST 

Bahrain Telecommunications Co BSC (Batelco) announced that it has signed deal to acquire various companies from Cable & Wireless Communications PLC (CWC), which comprise CWS's Monaco and Islands Division. Batelco will acquire the entire CWC interest in The Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia as well as a 25% shareholding in Compagnie Monagesque de Communications SAM (CMC), which holds CWC's 55% interest in Monaco Telecom, for a consideration of USD 680 million. In addition, Batelco and CWC have entered into put and call arrangements in relation to CWC's remaining 75% interest in CMC, allowing Batelco to acquire a controlling interest in Monaco Telecom for an additional consideration of USD 345 million. These options can be exercised within 12 months of closing of the Acquisition, subject to satisfactory regulatory and other consents, including approval of the Principality of Monaco. In the event such consents are received within the above period, the total consideration for the entire Monaco and Islands division will be USD 1.025 billion. If the necessary consents are not obtained, the 25% shareholding in CMC acquired as part of the Acquisition will be sold back to CWC for USD 100 million pursuant to a further option arrangement between CWC and Batelco.