Cable & Wireless acquires 55% stake in Monaco Telecom from Vivendi Universal for €162 million

June 2, 2004

1 Min Read

LONDON -- Cable and Wireless plc ("Cable & Wireless") announces today that it has agreed to purchase a 55% stake in Monaco Telecom S.A ("Monaco Telecom") from Vivendi Universal for a total consideration of Euro 162 million. The acquisition will be funded from Cable & Wireless' existing cash resources.

Monaco Telecom is 45% owned by the Principality of Monaco (the 'Principality') and the transaction is subject to the formal approval of the Monaco government. On completion, Cable & Wireless will transfer a 6% stake in Monaco Telecom to Compagnie Monégasque de Banque S.A.M (CMB') for consideration of Euro 18 million. CMB will be Cable & Wireless's financial partner in Monaco Telecom and its 6% stake will be subject to certain put and call agreements with Cable & Wireless. Cable & Wireless will have full management control of Monaco Telecom.

Francesco Caio, Chief Executive of Cable & Wireless, said: "The investment in Monaco Telecom is an important step in the expansion of our National Telcos portfolio and we look forward to working with the Principality over the long term. Monaco is a highly attractive location and Cable & Wireless is committed to bringing highest quality telecommunications services to the residents of Monaco, as well as to its public institutions and international business community."

Cable & Wireless plc

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