Cable and Wireless makes move for Bermuda's KeyTech

0 Comments | AFP, July, 2006

LONDON (AFP) — Cable and Wireless says it has made a formal proposal to buy KeyTech, the holding company of the leading telecommunications group in Bermuda.

C and W said its cash proposal valued each KeyTech share at 17.0 Bermudian dollars, valuing the business at 205 million Bermudian dollars (163 million euros, 205 million US dollars).

The offer, worth about 113 million pounds, was subject to due diligence, regulatory approvals and KeyTech board and shareholder approvals, C and W said in a statement to the London Stock Exchange.

C and W has been the primary provider of international telecommunications services in Bermuda for over 115 years, the company said in a statement.

© 2006 AFP