17th Feb 2005 07:01
CABLE & WIRELESS COMPLETES SALE OF CABLE & WIRELESS IDC INC. TO SOFTBANK CORP. On 26 October 2004, Cable and Wireless plc ("Cable & Wireless") announced thatit had agreed to sell its stake in Cable & Wireless IDC Inc., its Japanesesubsidiary, to SOFTBANK Corp ("Softbank"), in line with its strategy to focuson businesses with strong positions in their primary markets.Cable & Wireless announces today (17 February 2005) that the sale has beencompleted.Cable & Wireless has received a consideration of ‚£71.7 million, comprising ‚£62.3 million of cash and Softbank's assumption of ‚£9.4 million of debt*.Cable & Wireless will be retaining a sales office and two network data nodes inJapan to maintain services specifically for its international corporatecustomers.\* The figures above assume an exchange rate of Yen 197.9: ‚£1Contacts:Investor Relations:Louise BreenDirector, Investor RelationsTel: +44 20 7315 4460Craig Thornton,Manager, Investor RelationsTel: +44 20 7315 6225Virginia PorterVP, Investor Relations and Assoc. General CounselTel: 001 212 551 3563Media:Lesley SmithGroup Director Corporate and Public AffairsTel: +44 20 7315 4410Steve DoubleGroup Head of Media CommunicationsTel: +44 20 7315 6759Peter EustaceHead of Media RelationsTel: +44 20 7315 4495Purchaser contacts:Softbank PR DepartmentTel: +81 3 5642 8013CW JapanEast Tower 4th FloorOtemachi First Square1-5-1 Otemachi Chiyoda-ku,Tokyo 100-0004David MayGeneral Manager, Cable and Wireless JapanTel: +81 3 5219.1258Note to editorsUBS Investment Bank acted as sole financial advisor to Cable & Wireless on thetransaction.Cable & Wireless is one of the world's leading international communicationscompanies. It provides voice, data and IP (Internet Protocol) services tobusiness and residential customers, as well as services to other telecomscarriers, mobile operators and providers of content, applications and internetservices.Cable & Wireless' principal operations are in the United Kingdom, continentalEurope, Asia, the Caribbean, Panama and the Middle East. For more informationabout Cable & Wireless, go to www.cw.com.UBS Limited ('UBS Investment Bank') is acting for Cable & Wireless and no-oneelse in connection with the sale of IDC and will not be responsible to anyoneother than Cable & Wireless for providing the protections afforded to clientsof UBS or for providing advice in relation to the sale of IDC. AnnouncementENDRelated Shares:
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