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Bids, Mergers and Takeovers

CWC completes Columbus acquisition

01 April 2015 07:44

Cable & Wireless Communications has completed its acquisition of Columbus International Inc which was announced on 6 November following satisfaction of all necessary conditions.

Chief executive Phil Bentley said: "This is a transformational deal for Cable & Wireless Communications. Columbus Communications is an outstanding business; not only do we add significant fibre optic submarine backhaul and terrestrial broadband and TV capability to our leading mobile and legacy copper networks in The Caribbean, but our complementary B2B divisions can now offer geographical focus and a wider product offering in the faster-growing Latin American markets.

"We expect the operating synergies to be significant; together, the new merged company creates the opportunity to invest more, grow faster, and provide an improved customer experience and, most importantly, a development opportunity for our people that either company could never have achieved on their own.

"There has been an extensive and professional regulatory review, with appropriate remedies. We are pleased we now have the necessary Government support to conclude this important transaction and to start making the financial commitments required to deliver an outstanding customer experience and to enhance the telecommunications infrastructure and economic development of the communities we serve."

The company also announced changes to its board following completion of the deal.

John Risley has been appointed as a deputy chairman and a non-executive director and Brendan Paddick and Thad York join the board as non-executive directors.

Nick Cooper will step down as corporate services director of CWC.

Story provided by StockMarketWire.com

Related Company: CWC

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