Arab Today, arab today batelco completes major acquisition
Last Updated : GMT 04:34:53
Arab Today, arab today
Arab Today, arab today

Batelco completes major acquisition

Arab Today, arab today

Arab Today, arab today Batelco completes major acquisition

Manama - BNA

Batelco Group (Ticker: BATELCO), the regional telecommunications operator headquartered in Bahrain, today announced the finalisation of its recent acquisition of various companies from Cable & Wireless Communications (CWC), which comprise its Monaco and Islands Division. Batelco’s Group Chief Executive Shaikh Mohamed bin Isa Al Khalifa and CWC announced that, following the agreement entered into with CWC on 2 Dec 2012, all necessary regulatory approvals and conditions precedent have now been satisfied and ownership of specific companies has now been transferred to Batelco, effective today.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 (“SADG”). Batelco also acquired 25% shareholding in Compagnie Monégasque de Communications SAM (“CMC”), which holds CWC’s 55% interest in Monaco Telecom. Total consideration paid for these assets was $570m. CIIM, operating through the ‘Sure’ brand, offers telephony services to the Channel Islands and Isle of Man. It is the leading full service operator in Guernsey with market-leading positions in fixed-voice, mobile and broadband services. Dhiraagu is the market leading telecom operator in the Maldives offering mobile, broadband and fixed voice services. Batelco will hold a 52% stake in Dhiraagu, a listed company, with the remaining shares being held by the Maldives Government and the public. SADG offers services to Diego Garcia and three British foreign territories in the South Atlantic: St. Helena, Ascension and the Falklands. Monaco Telecom is the only full services telecommunications operator in the Principality. Monaco Telecom also owns 36.75% of Roshan, a leading mobile telecommunications operator in Afghanistan. In addition, Batelco and CWC have entered into put and call arrangements in relation to CWC’s remaining 75% interest in CMC in line with previously announced terms and conditions. Batelco Group Chairman, Shaikh 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. 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, Shaikh 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.” “We look forward to visiting our new companies to meet management and staff to establish sound working relationships in order to ensure the continued delivery of value and innovation to their customers.\" “With the added scale, we hope to achieve greater synergies in areas such as procurement, investments in network infrastructure, applications and content, global roaming arrangements, talent management and executive leadership development, across all the businesses. Additionally, there are benefits to be gained from the transfer of know-how and innovation exchange between all operations, ” added Shaikh Mohamed. “As a result of this deal and the further diversification of our business we have the opportunity to deliver greater innovation and value to our customers across many markets whilst also enhancing our ability to maintain strong levels of profitability and to deliver on our commitments to shareholders,” concluded Shaikh Mohamed.

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