The Bahraini telecoms firm Batelco is to acquire assets owned by the United Kingdom's Cable & Wireless Communications (CWC) in a deal worth up to US$1 billion (Dh3.67bn).
Batelco is to acquire CWC's Monaco and Islands division for $680 million, as well as an additional $345m option agreement to buy further assets, it said yesterday.
The acquisition, which is subject to shareholder approval, would boost the number of markets in which Bahrain's state-controlled telecoms provider operates from six to 17, said Batelco.
The deal includes CWC's assets in the Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia.
Batelco will also buy a 25 per cent shareholding in Compagnie Monagésque de Communications (CMC), which holds CWC's 55 per cent interest in Monaco Telecom.
Monaco Telecom holds a 36.8 per cent stake in Roshan, a mobile phone operator in Afghanistan.
Batelco also entered into option agreements over CWC's remaining 75 per cent interest in CMC for an additional $345m.
The options can be exercised within a year from the closure of the deal, said Batelco.
"The total consideration for the entire Monaco & Islands division will be [$1.02bn]," it said.
Batelco has businesses in Bahrain, Kuwait, Saudi Arabia, Jordan, Yemen and Egypt.
Sheikh Mohammed bin Isa Al Khalifa, the chief executive of Batelco, said the acquisition would more than double the number of markets in which the group operates. "We are pleased to announce this acquisition, which will increase the scale and diversification of our operations.
"Batelco Group will have the opportunity to operate, in collaboration with its new business partners, across 17 markets," he said.
Batelco said it planned to raise as much as $1bn of debt through a bond issue and a term-loan facility to finance the transaction.
It has appointed BNP Paribas and Citigroup to arrange the financing.
Batelco aimed to make at least one acquisition this year to offset falling domestic revenue, its chief executive told Reuters in April.
It had cash and bank balances of $286m last year, according to its annual report, and could leverage its balance sheet to $1bn or more for acquisitions.
* with Reuters
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Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
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2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
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The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
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ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
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Green Jersey
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White Jersey
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Black Jersey
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Frankfurt: Hinteregger (52', 55')
