C&W to sell Batelco stake

Cable and Wireless has said it is looking to sell its 20% stake in the Bahraini operator as it restructures its business.

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By  Alex Ritman Published  February 26, 2006

Batelco has confirmed that it knows about British operator Cable & Wireless’ decision to sell its stake the Bahraini incumbent. C&W has a 20% stake in Batelco, and says the sale is part of C&W’s restructuring that will see it focus around its UK and Caribbean businesses. Talks with potential suitors are still in the early stages, it claims, will no definite deal on the horizon. The stake by market value is worth in the region of US$630 million. The relationship between Batelco and C&W dates back to Bahrain’s telecommunications beginnings. However, only five C&W employees have been sent over to non executive positions within the company. “It’s business as usual,” was Batelco CEO Peter Kaliaropoulos’ response to the announcement from C&W. C&W is under increasing pressure across its international operations, and over the past few years has sold it units in the US and Japan. In January 2006, Francesco Ciao stepped down as C&W CEO.

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