Cable & Wireless Communications - Proposed acquisition of majority stake in the Bahamas Telecommunications Company

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We are advising Cable & Wireless Communications plc (CWC) on its proposed acquisition from the Government of the Commonwealth of The Bahamas (the Government) of a 51% interest in the Bahamas Telecommunications Company (BTC), the exclusive mobile operator and a leading provider of fixed-line and broadband services in The Bahamas. CWC and the Government announced that they had entered into a non-binding memorandum of understanding (MOU) on 01 December 2010 and will now seek to finalise contractual terms and obtain all necessary consents and clearances. It is proposed under the MOU that CWC will pay USD $210 million (subject to adjustment) for the majority stake in BTC.

Andrew Jolly (partner), Paul Mudie (associate)