Shares of Tata Communications on Thursday went up four per cent after media reports suggest the company is planning acquire UK-based telecom player Cable & Wireless Worldwide (CWW).
According to a Bloomberg report the deal is likely to be finalized by the end of this month. It says that Tata Communications Ltd. (TCOM) may make a cash offer for Cable & Wireless Worldwide Plc.
Talks are “at a very preliminary stage,” and are part of the company’s review of acquisition opportunities, the report Mumbai-based Tata Communications said today in a statement.
Cable & Wireless, which has replaced two chief executive officers since June, has assets ranging from the largest British core fiber network to an overseas enterprise unit.
Vodafone Group Plc (VOD), Europe’s largest mobile-phone operator, said on Feb. 13 that it was in early stages of evaluating an offer for London-based Cable & Wireless.
Tata Communications has hired Standard Chartered Plc to advise it on the potential purchase of Cable & Wireless, a person with knowledge of the matter said earlier.