Batelco completes $570m overseas deal

Telco's CEO says acquisition transforms Batelco from MidEast to global player
Batelco's CEO, Sheikh Mohamed bin Isa Al Khalifa: Deal transforms Batelco into a global player.
Batelco's CEO, Sheikh Mohamed bin Isa Al Khalifa: Deal transforms Batelco into a global player.

Share

Bahrain-based Batelco Group on Wednesday announced the finalisation of its acquisition of various companies from Cable & Wireless Communications (CWC), which comprise its Monaco and Islands Division.

FOLLOW COMMSMEA ON FACEBOOK AND TWITTER

Batelco's Group chief executive Sheikh Mohamed bin Isa Al Khalifa and CWC announced that all necessary regulatory approvals and conditions have now been satisfied and ownership of specific companies has now been transferred to Batelco.

Batelco has acquired the entire CWC interest in Dhiraagu (Maldives), Sure Channel Islands and Isle of Man and CWC operations in Falkland Islands, St Helena, Ascension and Diego Garcia.

Batelco also acquired 25 percent shareholding in Compagnie Monégasque de Communications, which holds CWC's 55 percent interest in Monaco Telecom.

Total consideration paid for these assets was $570m, a statement said.

In addition, Batelco said it has entered into "put and call" arrangements in relation to CWC's remaining 75 percent interest in CMC, allowing Batelco to acquire a controlling interest in Monaco Telecom.

Batelco Group chairman, Sheikh Hamad bin Abdulla Al Khalifa said: "Batelco Group is very pleased to formalise this transaction which will see the Group emerge as a communications player of global relevance and Bahrain's most diversified international company.

Continues on next page

"With the acquisition of these businesses from CWC, we are extending our reach and taking our expertise to several new markets across the globe.

"This acquisition supports our strategy by adding new clusters of operations in new markets and complements our continued efforts to drive value and diversification. "

Following the signing to finalise the acquisition, Sheikh Mohamed bin Isa Al Khalifa, Batelco Group CEO, said: "This is an auspicious day for Batelco Group as we take a giant leap from being essentially a Middle Eastern regional company to become a global enterprise.

"Today, the scale and diversification of our operations has increased significantly as Batelco Group will now have the opportunity to participate, in collaboration with its new business partners, across 16 markets."

Editor's Choice

Society on the move: Dr Nuria Oliver on how data – and mobile phones – can make the world a better place
Data can help lift up society and make the world a better place, says Dr Nuria Oliver. And a key part of that: mobile phones.
Number of women using mobile phones up 250m in five years - but tech gender gap remains
GSMA study says closing the mobile gender gap also represents a US$140 billion commercial opportunity.
From the mag: how Liquid Telecom is building Africa’s digital future
A lot of organisations may talk about helping to deliver the digital future for Africa. But you’ll have a hard time finding one more fully dedicated to that mission than Africa’s own Liquid Telecom. Group Chief Operating Officer Ahmad Mokhles discusses how it’s achieving that, and what the implications for society – not only in Africa, but around the world – could be.

Most popular

Don't Miss a Story