May, 2002 : C&W Buys Guernsey Telecoms for 22.5 Million Pounds

📅 May 10, 2002 - UK-based telecommunications giant Cable & Wireless (cw.com) announced on Friday that it has entered into an agreement to purchase Guernsey Telecoms Limited (guernseytelecomslimited.com) from the States of Guernsey.

According to the terms of the deal, Cable & Wireless will pay 22.5 million pounds in cash for the company, 10.5 million of which will be deferred and paid in equal installments on the first and second anniversary of the deal's completion.
Guernsey Telecoms, serving the Bailiwick of Guernsey, is a telecommunications provider supplying a range of services that includes e-commerce data center services, including co-location and managed services, and Internet services, including IP feeds, domain and email services and Web hosting.
Cable & Wireless says it is paying another 1.3 million pounds for the assignment of the rights that the States of Guernsey has in a fiber optic cable project that, when completed, will run from Guernsey to Jersey and France.
The completion of the purchase and assignment, says Cable & Wireless, is conditional on a number of things including approval by the States of Guernsey. Following approval, the company expects the deal to be complete in three to four weeks? time.

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