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February 27, 2011

Cable & Wireless selling Bermuda business

From Caribbean360:

HAMILTON, Bermuda, Thursday February 24, 2011 - Cable & Wireless Communications (CWC) is selling its operations in Bermuda to a family-run Canadian cable and telecommunications company in a US$70 million deal.

Once the sale to The Braggs Group gets government and regulatory approvals, it's expected to be finalised by the end of next month, at which time the new owners say they'll keep the same employees and local management.

"In fact, we expect to increase local Bermudian employment in the near future," it said in a statement yesterday.

News of the sale comes two weeks after CWC reported that its Caribbean operations continue to suffer, at the same that it announced it had signed the final agreement to acquire majority control of Bahamas Telecommunications Company Ltd (BTC).