Vodafone’s $1.7bn C&WW buy turns quick profit for boss


Gigaom

Big news in the telecoms world on Monday as the planet’s biggest mobile operator, Vodafone, (s VOD) finally announced its intention to buy British fixed line operator Cable & Wireless Worldwide (s CWC) for £1 billion ($1.7bn).

The deal, which was announced this morning after Vodafone was given a four-day extension last week, has been approved by the C&WW board. Bringing the two companies together, said Voda chief executive Vittorio Colao, would create a “leading integrated player” in the U.K. business market, and push cost savings in Britain and around the world.

More importantly, it will give Vodafone — a company that has specialized in wireless, and boasts nearly 450 million subscribers worldwide, as well as a 45 percent stake in Verizon (s VZ) — access to C&WW’s fixed line fiber network. Cable & Wireless has long been a serious player in IP services to British businesses, although its…

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