C&W Comms signs MoU to buy BTC

2 Dec 2010

Cable & Wireless Communications has agreed to buy a 51% stake in Bahamas Telecommunications Company (BTC) for USD210 million. Under the terms of the deal, expected to be completed in the first quarter of 2011, the long-awaited liberalisation of the wireless sector will be delayed by at least three years, meaning that BTC will continue to enjoy exclusivity in that market until January 2014 at the earliest. CWC chief executive Tony Rice said: ‘BTC represents a great opportunity to expand our business in a region where we have competitive strength and management capability.’ At the end of 2009 BTC had around 392,000 mobile customers, 123,000 fixed line and 19,000 broadband subscribers, generating revenue of USD361 million, EBITDA of USD101 million and net income of USD48 million.

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