Batelco shareholders approve $680 million acquisition

Dubai: Bahrain Telecommunications Co. or Batelco, on Monday said that its shareholders have approved the $680 million acquisition of the Monaco and Islands business division of Caribbean-focused telco Cable & Wireless Communications PLC.

The company received the requisite majority shareholder approval of its proposed acquisition of the entire CWC interest in the Maldives, Channel Islands and Isle of Man, Seychelles, South Atlantic and Diego Garcia as well as a 25 per cent shareholding in Compagnie Monagesque de Communications SAM, which holds CWC’s 55 per cent interest in Monaco Telecom, Batelco said in an emailed statement.

The two parties have also agreed-as part of the deal announced early last month-that at some stage Batelco can buy a controlling interest in Monaco Telecom for an additional $345 million.

Batelco’s shareholders also approved the issuance of debt instruments up to a value of $1 billion by the telco.

The acquisition was approved by CWC shareholders last week and remains subject to regulatory and other approvals, according to the statement.