Vodafone Group (NASDAQ:VOD) has agreed to buy Cable & Wireless Worldwide PLC for GBP1.04 billion. This acquisition would make Vodafone stand after BT Group PLC (NYSE:BT) in UK as the second largest mobile and fixed-line operator . It will also augment Vodafone's network across the UK, supporting its business-to-business operations around the world.
Before the arrival of bidding interest news in February, Vodafone's 38 pence-a-share proposal is a 92% premium to C&W Worldwide's share price,and it arrived when India's Tata Communications Ltd (NYSE:TCL) left its own bid efforts last week.
On Monday, Vodafone Group informed about 10.35% of unchangeable undertakings and 8.13% of nominal support of C&W Worldwide's shareholders who agreed to vote in favor of the offer.
The deal is expected to close by third-quarter of 2012, subbject to European regulatory approval.
Resource Link: Vodafone Purchases C&W Worldwide spending GBP1.04 Billion