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Reuters | February 23, 2011 | Adveith Nair & Paul Hoskins
* Canada’s Bragg Group to fund deal with cash
* Deal expected to close by end-March
* C&W announces share buyback of up to $100 mln
LONDON, Feb 23 (Reuters) – Cable & Wireless Communications (CWC.L) said it would sell its operating business in Bermuda to Canada’s Bragg Group for $70 million, as it remodels its Caribbean operations to battle a weak economy and strong competition.
The deal comes just three months after CWC said it would buy a majority stake in Bahamas Telecommunications Company (BTC), the state-owned mobile operator, for $210 million to boost its Caribbean operations. [ID:nLDE6B10B8] [ID:nLDE71721Y]
