 "Vodafone evaluating potential offer for Cable & Wireless")
London: Global mobile communications major Vodafone Plc is evaluating the merits of a potential acquisition of Cable & Wireless Worldwide, a more than 150-year-old telecom entity that was primarily set up to cater to the needs of the erstwhile British Empire.
Both UK majors have a good presence in India, where Cable & Wireless Worldwide (CWW) first made its entry in 1872 as an under-sea cable firm by the name of Eastern Telegraph Company.
In a statement, Vodafone today said it was weighing the possibility of making an offer for CWW, though it cautioned there was no certainty an offer would be made.
[caption id=“attachment_211826” align=“alignleft” width=“380” caption=“Global mobile communications major Vodafone Plc is evaluating the merits of a potential acquisition of Cable & Wireless Worldwide, a more than 150-year-old telecom entity that was primarily set up to cater to the needs of the erstwhile British Empire.AFP”]  [/caption]
“Vodafone regularly reviews opportunities in the sector and confirms that it is in the very early stages of evaluating the merits of a potential offer for CWW. There is no certainty that an offer will be made nor as to the terms on which any offer might be made,” it said.
Going by media reports, Vodafone is looking at a bid worth about 700 million pounds for CWW.
According to Vodafone, any offer, if made, would be in cash, but the company reserves the right to change the specie of consideration.
As per British takeover norms, Vodafone said it has to make its intentions clear not later than 12 March.
An acquisition of CWW would help in boosting Vodafone’s bandwidth capacity for customers using internet.
CWW, which first entered India in 1872, has been offering enterprise and carrier telecommunication solutions in the country.
“We serve more than 150 customers in India from five key offices in Bangalore, Mumbai, Pune, Chennai and New Delhi. We have established a stronghold in the Information Technology and BPO verticals of India, wherein we work with ten out of the top 15 outsourcing companies,” according to its website.
CWW has been involved in laying submarine cables since the 1860s, mainly for connecting England with its then overseas territories, including India.
Vodafone has equity interests in more than 30 countries across five continents.
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