Cable & Wireless reshapes by selling off Bermuda arm
Reshaping: the telecoms provider is taking a look at its business model with a view to providing the best for its shareholders
11 April 2012
Cable & Wireless Communications is to sell its Bermuda operations for $70 million (£43 million) and return $100 million to its shareholders through a share buyback.
The Bermuda business, which includes fixed-line telecoms, datacentres and a disaster recovery system, is being bought by Canada's Bragg Group, which runs services under the Eastlink name.
CWC chief executive Tony Rice said: "Today's announcements, with our signing of the agreement to acquire majority control of Bahamas mobile operator BTC ...represent the first steps in our reshaping of the group."
