Tata Communications May Bid For Cable & Wireless Plc
by Irfan Khan
Tata Communications may bid for London based telecom company - Cable & Wireless Plc in the next two weeks, according to ET. Vodafone Group is also considering a bid for the troubled telecom company.
Rothschild and Barclays Capital are advising Cable & Wireless to explore strategic options after being approached by the suitors, while Standard Chartered is advising Tatas on the acquisition, according to ToI.
C&W Worldwide, created in 2010 by a demerger, supplies telecoms services to businesses and public sector bodies. The other half of the demerger, Cable & Wireless Communications PLC, supplies broadband, mobile and other communications services to consumers and small- and medium-sized businesses in the Caribbean, Panama, Macau and Monaco.
It owns 4,25,000km of cables connecting more than 150 countries, with strong presence in former British colonies where it provided local telephone service. It provides services to major British companies such as Next, Tesco and United Utilities.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.