Cable and Wireless operations in Bermuda have been sold for a reported $70 million
Cable & Wireless Communications (CWC) is selling its operations in Bermuda to a family-run Canadian cable and telecommunications company in a US$70 million deal.
The sale to the Braggs Group now awaits government and regulatory approvals but is expected to be finalised by the end of March.
The Braggs Group said it will retain the same staff at management when the company is taken over and even increase local Bermudian employment in the near future.
News of the sale comes two weeks after CWC reported that its Caribbean operations continue to suffer.
The company had also announced on that occasion that it had signed the final agreement to acquire majority control of Bahamas Telecommunications Company.
Cable & Wireless Bermuda, which is part of CWC’s Monaco & Islands unit, is an international gateway business providing data capacity, carrier, internet and International Direct Dialling calling services.
It also provides data centre and disaster recovery services to the corporate community, and partially owns alternative local network provider Quantum Communications.
The Bragg Group’s purchase of the Bermuda business marks the first time the Nova Scotia-based company has expanded its telecom business beyond Canada, according to reports in the Canadian media.
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