European Regulators Approved Vodafone’s $1.7 Billion Proposal To Acquire Cable And Wireless Worldwide

Posted on Jul 5 2012 - 12:25pm by Editorial Staff

Vodafone last month announced that it had acquired Cable and Wireless Worldwide assets for $1.7 billion, the news rounding up this and turning this into a perfect story is that European regulators has approved Vodafone’s proposal of acquisition, ZDNet reports, making it one of biggest deal. The deal will make the company UK’s second largest telecom company.

The European Commission in a statement that the purchase would results in rising, “no competition concerns, as the parties’ activities are largely complementary. CWW’s main activity is related to fixed telecoms, whereas Vodafone is mainly active in mobile telecoms”.

Vodafone Group CEO Vittorio Colao at the time of announcement said:

“The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise segment of the UK communications market and brings attractive cost savings to our UK and international operations.”

About the Author

Editorial Staff at I2Mag is a team of subject experts.