{"id":6578,"date":"2011-02-23T10:04:06","date_gmt":"2011-02-23T15:04:06","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=6578"},"modified":"2011-02-23T10:04:06","modified_gmt":"2011-02-23T15:04:06","slug":"cable-wireless-sheds-bermuda-operations","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2011\/02\/cable-wireless-sheds-bermuda-operations","title":{"rendered":"Cable &#038; Wireless Sheds Bermuda Operations"},"content":{"rendered":"<p>Cable &amp; Wireless Communications (CWC), the UK-based telco that just purchased 51% of BTC, has sold their Bermuda operations.<\/p>\n<p>CWC, which operates fixed-line and mobile telecoms in former colonial countries such as Panama, Macau and some Caribbean Islands, said it agreed to sell Cable &amp; Wireless Bermuda to Canada&#8217;s The Bragg Group for $70 million.<\/p>\n<p>Following the sale, the company plans to redistribute the proceeds through a $100 million share buyback program.<\/p>\n<p>Chief Executive Tony Rice said, &#8220;Bermuda does not fit our business model as it is not a full-service operation while BTC provides excellent opportunities and a strong strategic fit with our Caribbean business.&#8221;<\/p>\n<p>The selling price of $70 million represents a multiple of 6.5 times 2009\/2010 earnings before interest, taxes, depreciation and amortization. The sale is subject to regulatory approval but should be completed by the end of March.<\/p>\n<p>Cable &amp; Wireless Communications stock price rose 11 percent, the most it has risen since May, 2003.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cable &#038; Wireless Communications (CWC), the UK-based telco that just purchased 51% of BTC, has sold their Bermuda operations.<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[36,100,43],"class_list":["post-6578","post","type-post","status-publish","format-standard","hentry","category-business","tag-btc","tag-caribbean-2","tag-telecommunications"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/6578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=6578"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/6578\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=6578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=6578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=6578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}