CABLE & WIRELESS BERMUDA has been sold to a Canadian company.
The Bragg Group has purchased the Bermuda operations of C&W Communications Plc. (CWC) for US$70 million.
This included Cable & Wireless Bermuda along with Cable & Wireless (Bermuda) Holdings Ltd, Cable & Wireless eBusiness Limited, and its 40 per cent holding in Quantum Communications.
An agreement was made last Tuesday, with the sale set to finalize in a few weeks.
Ann Petley-Jones will be the new chief executive for Cable & Wireless Bermuda Holdings.
She said: “We are excited to invest in Bermuda’s economic growth and communications excellence. We are impressed by the quality of the employees and the company’s operations, and look forward to further modernizing and expanding a full range of communications for Bermudian consumers and businesses.
“In the process we intend to improve Bermuda’s communications infrastructure and create additional employment for Bermudians.”
The purchase gives The Bragg Group its first presence in the communications industry outside Canada, following its growth across Canada. Binding agreements were signed yesterday by The Bragg Group and CWC, with closing to take place in a few weeks.
“This investment is a logical step for our company,” said Lee Bragg, CEO of EastLink and an executive of the Bragg Group.
Source:(Bermuda Sun)
