Telecoms giant expands in Caribbean

Cable and Wireless has announced that it will buy a majority stake in the state-owned Bahamas Telecommunications Company.



The deal is worth $210 million.



Bahamas Telecommunications Company is the exclusive mobile operator in The Bahamas and also provides fixed-line and broadband services.



Cable and Wireless Communication, the British firm's Caribbean arm, is buying a 51 per cent stake in the Bahamas company.



The Bahamas entity will retain a monopoly on mobile operations for at least three years after privatisation.



Chief Executive Tony Rice says the deal represents a great opportunity for Cable and Wireless to expand business in the Caribbean.