Bahrain's Batelco eyes $1bn Monaco deal
Cable & Wireless Communications deal involves Monaco & Islands portfolio
Bahrain Telecommunications Co (Batelco) is currently negotiating terms with Cable & Wireless Communications to buy assets in its Monaco & Islands portfolio, a deal valued at around $1bn, three banking and industry sources told Reuters.
BNP Paribas and Citigroup are acting as consultants for Batelco in the taks, while JP Morgan Chase is advising the CWC, two of the banking sources said. One banker said Citigroup was acting as financier.
CWC, a British telco operating in the Caribbean, was formed by the breakup of Cable & Wireless in 2010.
Batelco and CWC, while separately confirming the talks, said an agreement was not guaranteed.
"Batelco has been keen to do a deal for a while now to address falling home revenue. A potential deal to buy CWC assets should give them presence in markets they are not in currently," one source said.