Feeds

Vodafone agrees to Cable and Wireless buy

£1bn deal to boost UK enterprise business, cut costs elsewhere

Security and trust: The backbone of doing business over the internet

After many weeks of negotiations, Vodafone Europe has agreed to acquire Cable and Wireless Worldwide (CWW) for a sum that values the latter company at £1,044m, or £0.38 per share.

The deal comes after Tata last week dropped out of a bid for CWW, which then gave Vodafone a deadline of Noon GMT today (April 23) to make a bid acceptable to the CWW board.

It seems the parties had a busy weekend, as the statement bringing this news to The Register was sent before breakfast, UK time.

In the statement, both Vodafone and CWW say they’ve got financiers on side and recommend the deal to their respective shareholders.

CWW has several businesses. One operates submarine cables and reports suggest Vodafone would offload it in a hurry.

A second business comprises an extensive network of UK fibre optic network, reaching 56 per cent of the population and 400 towns. The statement announcing the transaction says that network “will strengthen the enterprise business of Vodafone Group in the UK and internationally and presents attractive network and other cost saving opportunities for Vodafone Group.”

The deal’s not certain to be done, as Tata apparently has the right to make a new bid. But financial media report the conglomerate’s previous bids were well below the price offered by Vodafone. ®

New hybrid storage solutions

More from The Register

next story
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.