Miami-based Cable & Wireless Communications announced that it has agreed to sell a subsidiary, Compagnie Monégasque de Communication S.A.M.. to a private investment vehicle controlled by French industrialist Xavier Niel for $445 million.
Monaco Telecom is the market-leading full service telecommunications operator in Monaco. The sale is part of Cable & Wireless’s strategy to focus on the Caribbean and Latin America region, and after completion of the transacton, CWC will generate all of its revenue from the Caribbean and Latin America region, with the exception of the Seychelles. The transaction will also put CWC in a strong position to pursue growth opportunities, both organic and inorganic, in the targeted region, the company said.
CWC, the leading telecommunications company in the Caribbean, moved its global operations center from London to Miami at the end of last year.