Vodafone to buy CWW

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Vodafone to buy CWW

Vodafone has reached an agreement to buy British firm Cable and Wireless Worldwide (CWW) for about £1.04 billion (about $1.67 billion or Rs 8,800 crore).

Vodafone claims, "Vodafone Europe and CWW have reached an agreement on the terms of a recommended cash offer pursuant to which Vodafone will acquire the entire issued and to be issued ordinary share capital of CWW."

The acquisition of CWW is believed to strengthen the enterprise business of Vodafone in the UK and internationally. CWW shareholders will receive 38 pence in cash for each CWW share held under the terms of the agreement.

Vittorio Colao, CEO, Vodafone Group said, "The acquisition of CWW creates a leading integrated player in the enterprise segment of the UK communications market and brings attractive cost savings to our UK and international operations."

He added, "The offer from Vodafone will enable shareholders to crystallise a value, in cash, that represents a significant premium to recent trading levels and avoid exposure to the risks inevitably presented by executing a medium-term improvement strategy."


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