Bahrain-based Batelco Group on Wednesday announced the finalisation of its acquisition of various companies from Cable & Wireless Communications (CWC), which comprise its Monaco and Islands Division.
Batelco's Group chief executive Sheikh Mohamed bin Isa Al Khalifa and CWC announced that all necessary regulatory approvals and conditions have now been satisfied and ownership of specific companies has now been transferred to Batelco.
Batelco has acquired the entire CWC interest in Dhiraagu (Maldives), Sure Channel Islands and Isle of Man and CWC operations in Falkland Islands, St Helena, Ascension and Diego Garcia.
Batelco also acquired 25 percent shareholding in Compagnie Monégasque de Communications, which holds CWC's 55 percent interest in Monaco Telecom.
Total consideration paid for these assets was $570m, a statement said.
In addition, Batelco said it has entered into "put and call" arrangements in relation to CWC's remaining 75 percent interest in CMC, allowing Batelco to acquire a controlling interest in Monaco Telecom.
Batelco Group chairman, Sheikh Hamad bin Abdulla Al Khalifa said: "Batelco Group is very pleased to formalise this transaction which will see the Group emerge as a communications player of global relevance and Bahrain's most diversified international company.
"With the acquisition of these businesses from CWC, we are extending our reach and taking our expertise to several new markets across the globe.
"This acquisition supports our strategy by adding new clusters of operations in new markets and complements our continued efforts to drive value and diversification. "
Following the signing to finalise the acquisition, Sheikh Mohamed bin Isa Al Khalifa, Batelco Group CEO, said: "This is an auspicious day for Batelco Group as we take a giant leap from being essentially a Middle Eastern regional company to become a global enterprise.
"Today, the scale and diversification of our operations has increased significantly as Batelco Group will now have the opportunity to participate, in collaboration with its new business partners, across 16 markets."For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.