Cable & Wireless (C&W) is gearing up to spin off its mobile phone division, One-2-One. The mobile phone company is the smallest of the UK’s four mobile operators and is owned 50/50 by C&W and MediaOne, the US cable company. It has around 2 million subscribers. MediaOne has a 30 per cent stake in UK cable company Telewest. If floated, One-2-One would be worth an estimated £7 billion, £2 billion of which would be taken care of by existing debt. Analysts believe C&W has been under performing, compared to other telecomms companies, and that spinning off One-2-One would free up untapped commercial potential. ®