Bahrain’s Batelco Group confirmed that it is in talks to acquire the Monaco and Islands business unit of Cable & Wireless Communications’ (CWC), a UK-based telecom operator.
“We note recent reports in the press and confirm that we have expressed an interest to Cable & Wireless Communications Plc to enter into a transaction involving their Monaco and Islands business unit, a division of CWC. At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course if appropriate,” said Shaikh Mohamed bin Isa Al Khalifa, group CEO, Batelco.
The deal could be worth about $1 billion, according to a report from Reuters, which cited three banking sources close to the talks.
CWC’s Monaco & Islands division operates in 12 markets, including the Maldives, Seychelles and Falkland Islands, and offers fixed-line, mobile, broadband and television services, the report added. Its brands include Monaco Telecom, Dhiraagu in the Maldives, and Sure in Britain's Channel Islands and Isle of Man.