UK mobile phone giant Vodafone is to buy Cable & Wireless Worldwide (C. & W.W.) in a deal valuing the firm at just over one billion pounds. Under the terms of the deal, Vodafone will pay 38 pence per C. & W.W. share. C. & W.W. which is a separate company from Cable and Communications which controls the Jamaican and Caribbean operations as well as other overseas jurisdictions.
The two entities were spilt in 2010 but C & W.W. has struggled since the separation. It has issued a number of profit warnings and is now on its third chief executive. In the year to 31 March 2011, C. & W.W. reported revenues of two point 2-6 billion pounds and a pre-tax profit of 140-million pounds. In the same financial year, Vodafone's revenues were 45-point 9-billion, with pre-tax profits of 9-point 5-billion.
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