14th Oct 2013 06:22
LONDON (Alliance News) - Cable & Wireless Communications Plc. (CWC.L) announced Monday that its subsidiary Monaco Telecom SAM has agreed to sell its Algerian satellite communication business Divona SpA to Smart Link Com SpA, of Algeria, for a total consideration of US$1.4 million on a cash free and debt free basis.
The company said it will use proceeds from the sale for general working capital purposes.
The transaction will not have a material impact on the Group. The consideration will be satisfied in cash and assumed debt and is subject to certain adjustments for working capital and transition costs.
The transaction is subject to customary regulatory approvals by the relevant authorities in Algeria.
In the financial year ended 31 December 2012, Divona generated a profit before tax of $3.0 million before exceptional gains and $8.8 million after exceptional gains. CWC's interest in Divona is held through its stake in Monaco Telecom.
Copyright RTT News/dpa-AFX
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