By Andy Sambidge
Chairman says unable to proceed with planned acquisition of Cable & Wireless (Seychelles)
Bahrain-based Batelco Group on Monday announced that its acquisition of Cable & Wireless (Seychelles) has not received regulatory approval.
Chairman Shaikh Hamad bin Abdulla Al Khalifa said that required approvals had not been provided by the Government of Seychelles to proceed with the acquisition.
"We will continue to focus on developing our current businesses including the companies acquired in April 2013. We are already seeing positive results and look forward to promising results in the future."
In April, Batelco Group announced the finalisation of its acquisition of various companies from Cable & Wireless Communications (CWC), which comprise its Monaco and Islands Division.
Batelco 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.