Monday, 23 April 2012

Vodafone Purchases C&W Worldwide spending GBP1.04 Billion

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.

The deal has taken C&W Worldwide at leading position of FTSE 250 index leader board at 0915 GMT, trading 16% higher , or 5 pence, at 37 pence and valuing the company at GBP1.02 billion. Shares of Vodafone were 1 pence ahead, or 0.3%, at 172 pence, valuing the operator at GBP85.19 billion. 

Resource Link:  Vodafone Purchases C&W Worldwide spending GBP1.04 Billion

No comments:

Post a Comment