Vodafone (VOD) confirmed media reports that it was looking at a potential offer to acquire Cable & Wireless Worldwide. Vodafone is currently the world’s second largest wireless operator with equity interests in more than 30 countries, including a 45% stake in Verizon Wireless, while Cable & Wireless offers fixed telecommunications and IP services across 60 countries.
Both companies are based in the United Kingdom.
“Vodafone regularly reviews opportunities in the sector and confirms that it is in the very early stages of evaluating the merits of a potential offer for CWW,” Vodafone noted in a statement. “There is no certainty that an offer will be made nor as to the terms on which any offer might be made. Any offer, if made, will be in cash but Vodafone reserves the right to change the specie of consideration. A further announcement will be made in due course, if appropriate.”
Vodafone, which recently reaped a $4.5 billion windfall from its stake in Verizon Wireless, said it has until March 12 to report plans to either make a firm intention of acquiring Cable & Wireless.
For its part, Cable & Wireless simply released a statement from its board of directors acknowledging Vodafone’s intent.
“The board will make any further announcement as may be required in due course,” the company said in a statement.
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