C&W completes purchase of BTC

8 Apr 2011

Executives of London-based Cable & Wireless Communications (CWC) signed off on the acquisition of 51% of The Bahamas Telecommunications Company (BTC) at a press conference in The Bahamas Cabinet Office yesterday. The government has received full payment for the transaction – the USD210 million purchase price and in-kind and cash completion dividends from BTC of USD14.3 million. Three years from the date of the takeover, the government will begin the process of liberalising the cellular phone market, an area in which BTC currently holds a monopoly. CWC, which operates under the LIME brand, has developed a business and restructuring plan for BTC aimed at improving and expanding its services and increasing its customer focus. A workforce restructuring programme after privatisation will be undertaken on a voluntary basis and is planned to be implemented within the first year after completion.

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