Local arm of C&W looks set to be sold
Tuesday 4th December 2012, 10:00AM GMT.
GUERNSEY’S arm of Cable and Wireless is to be sold to a Middle Eastern company as part of a major $680m. deal – subject to approval from the regulator.
Cable and Wireless Communications (CWC) has confirmed it has struck a deal with Batelco Group of Bahrain for the sale of a majority of its Monaco and Islands business, including Sure’s operations in the Channel Islands. The announcement comes 10 years after CWC bought Guernsey Telecoms from the States for £23.8m. and less than three months after the Guernsey Press first revealed talks were being held with the Bahrain company.
The sale is still subject to approval from the Channel Islands Competition and Regulatory Authorities (Cicra), which yesterday said it had the power to approve, refuse or impose conditions on the transferral of the fixed line and mobile phone licences from Cable and Wireless to Batelco.
Cicra chief executive Andrew Riseley (pictured) reiterated the regulator’s commitment to protecting the interests of customers, whoever the licence holder might be.