Batelco pulls out of Cable & Wireless deal in Monaco

Cable & Wireless Communications (CWC) is to reverse a previously announced deal to sell a 25 per cent stake in its Monaco subsidiary to Batelco.

In its financial statement, CWC said that it has agreed to unwind the transaction announced with Batelco for a minority stake in the Monaco business and as a result the CMC minority shares purchased by Batelco will be transferred back to CWC for US$100 million – the same price it was sold for.

The company said that it is reviewing options for the business.

The related sale of operations in Maldives, the Channel Islands and Isle of Man, South Atlantic, Diego Garcia and the Seychelles are unaffected by the Monaco decision.

Commenting on the Group results, Tony Rice, CEO at CWC said "We have largely completed our disposal process, with the Seychelles transaction expected to complete this year. We have agreed to unwind the agreement we announced with Batelco for a minority stake in our Monaco business at the same time."