Wed | Mar 21, 2018

Cable and Wireless to buy Columbus International

Published:Thursday | November 6, 2014 | 6:30 AM
CEO of Cable & Wireless (C&W) Communications, Phil Bentley (left) and CEO, Columbus Communications Group of Companies: Flow, Columbus Networks & Columbus Business Solutions, Brendan Paddick at the signing of the Columbus Communications & C&W merger.

The International media is reporting that Cable and Wireless Communication (CWC) is to buy Columbus International, a privately-owned fibre-based telecoms provider in the Caribbean, Central America and the Andean region.

The Financial Times says Cable and Wireless will pay US$1.9 billion plus assume about US$1.2 billion in net debt from Columbus’ balance sheet, pushing the total value of the acquisition to US$3.1 billion.

Cable and Wireless Communication is the parent company of LIME in Jamaica while Columbus Communications, the operator of FLOW, is owned by Columbus International.

"This is a transaction that transforms CWC, providing a step-change in growth and returns," Phil Bentley, CWC’s chief executive is quoted as saying.

In 2009, there were reports that the locally based LIME was in acquisition talks with FLOW but that was rejected.

READ: We are not for sale! LIME, Flow deny Columbus talks

WATCH: Michele English tells the Flow story

It is reported that Columbus shareholders will receive roughly 36 per cent of shares in the new entity following the acquisition.


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