Cable and Wireless has announced plans to buy cable network and Internet provider Columbus International for US$3.05 billion according to Yahoo Finance.
According to the report by the news service…
C&W, which has operations in Panama, the Seychelles and the Caribbean, will assume Columbus’s debt, which was $1.17 billion at June 30, and issue nearly 10 percent of its equity in new shares to fund the deal’s $707.5 million cash element.
It is unclear what local regulators will have to say about the deal and the 49% shareholding that C&W has invested in TSTT.
The official press release from Columbus on the buyout is here (Updated with photo of Phil Bentley and Brendan Paddick after signing agreement documents).