(MENAFN) Bahrain Telecommunications Co (Batelco) announced that it would pay USD1 billion to acquire the assets of British Cable & Wireless Communications (CWC) in Monaco and a number of island nations, reported Arabian Business.
According to the agreement, Batelco would obtain CWC's assets in Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia.
Moreover, the telco operator would pay USD680 million to obtain a 25-percent stake in Compagnie Monagesque de Communications (CMC), which owns CWC's 55 percent interest in Monaco Telecom.
The Bahraini firm has also entered into option deals with CWC, allowing Batelco to acquire a controlling stake in the UK firm's remaining 75-percent interest in CMC for an extra consideration of USD345 million.
The company said that the options could be implemented within a year from the closure of the agreement, which will raise the total deal value to USD1.02 billion.
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