Cable and Wireless buys 51 per cent of Bahamas telecoms company

via Bahamas Government

NASSAU, Bahamas – The Government of The Commonwealth of The Bahamas has signed a Memorandum of Understanding with Cable & Wireless Communications Plc, U.K. (“CWC”), in connection with the sale of a 51% interest in the Bahamas Telecommunications Company Limited. This MOU represents the outcome of extensive discussions between CWC and the Government over the last several months.

According to a CWC press release, CWC will pay US$210 million, plus stamp duty for the 51 percent majority shares, and will work together with the Bahamas government to complete the transaction in the first quarter of 2011.

CWC is a global communications company with operations throughout the Caribbean.

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