Business Services Industry
Softbank to buy Cable & Wireless IDC to strengthen telecommunications business.
Knight Ridder/Tribune Business News, October, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Oct. 26--TOKYO -- Softbank Corp. said Tuesday it has decided to purchase Cable & Wireless IDC Inc. from its British parent Cable & Wireless PLC in a bid to expand its telecom business.
The provider of broadband communications services said it will acquire 97.98 percent of the outstanding shares of the Japanese unit of the British telecom titan for 12.3 billion yen. Softbank said it will also shoulder 1.9 billion yen in C&W IDC's debts.
Tokyo-based C&W IDC offers international voice and data communications services. Softbank's purchase of the company is expected to pit it against its bigger rivals Nippon Telegraph and Telephone Corp. and KDDI Corp.
Softbank has...
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