Group, a telecommunications operator headquartered in Bahrain, today
announced the finalisation of its recent acquisition of various companies
from Cable & Wireless Communications which comprise its Monaco and
“This is a
positive development for our business on the Falklands and for our customers.
Our new parent company, Batelco, is an experienced communications operator
with a number of international operations and is focused on delivering
innovation and value to its customers,” said Justin McPhee, CEO of Cable
& Wireless South Atlantic Ltd.
Group Chief Executive Shaikh Mohamed bin Isa Al Khalifa and CWC announced
that, following the agreement entered into with CWC on 2 Dec 2012, all
necessary regulatory approvals and conditions precedent have now been
satisfied and ownership of specific companies has now been transferred to
Batelco, effective today.
you may be aware, Batelco and Cable & Wireless share a common history.
Cable & Wireless was one of the founding shareholders of Batelco, and was
a major shareholder until 2006 and runs their businesses with a focus on
customers and operational excellence,” Said Mr McPhee.
Batelco has acquired the entire CWC interest in Dhiraagu (Maldives), Sure
Channel Islands and Isle of Man and CWC operations in Falkland Islands, St
Helena, Ascension and Diego Garcia and also acquired 25% shareholding in
Compagnie Monégasque de Communications SAM which holds CWC’s 55% interest in
Monaco Telecom. Total consideration paid for these assets was $570m.
is investing in our businesses with a very long term perspective, with very
stable shareholders and is is keen to develop our business and committed to
providing quality communications services,” added Justin McPhee.
offers services to Diego Garcia and three British foreign territories in the
South Atlantic: St. Helena, Ascension and the Falklands.
In addition, Batelco and CWC have entered into put and call arrangements in
relation to CWC’s remaining 75% interest in CMC in line with previously
announced terms and conditions.
McPhee went on to say that this ownership change will have no impact on the
continuity of service provision to our customers - your customer account will
be managed in exactly the same way as before the transaction and there will
be no change to our management team or workforce as a result of this
transaction. It's business as usual. Your contact points with us remain the
Batelco Group Chairman, Shaikh Hamad bin Abdulla Al Khalifa said: “Batelco
Group is very pleased to formalise this transaction which will see the Group
emerge as a communications player of global relevance and Bahrain’s most
diversified international company. With the acquisition of these businesses
from CWC, we are extending our reach and taking our expertise to several new
markets across the globe.”
He went on to say this acquisition supports our strategy by adding new
clusters of operations in new markets and complements our continued efforts
to drive value and diversification.
Following the signing to finalise the acquisition, Shaikh Mohamed bin Isa Al
Khalifa, Batelco Group CEO, said: “This is an auspicious day for Batelco
Group as we take a giant leap from being essentially a Middle Eastern
regional company to become a global enterprise. Today, the scale and
diversification of our operations has increased significantly as Batelco
Group will now have the opportunity to participate, in collaboration with its
new business partners, across 16 markets.”
“We look forward to visiting our new companies to meet management and staff
to establish sound working relationships in order to ensure the continued
delivery of value and innovation to their customers," he stated.
With the added scale, BATELCO hopes to achieve greater synergies in areas
such as procurement, investments in network infrastructure, applications and
content, global roaming arrangements, talent management and executive
leadership development, across all the businesses. Additionally, there are
benefits to be gained from the transfer of know-how and innovation exchange
between all operations. As a result of
this deal and the further diversification of BATELCO’s business there is an opportunity
to deliver greater innovation and value to our customers across many markets
whilst also enhancing our ability to maintain strong levels of profitability
and to deliver on our commitments to shareholders.