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04-19-2012, 09:13 AM #1
Tata Communications pulls out of CWW bid
Tata Communications on Wednesday said that it will not make any offer to acquire Cable & Wireless Worldwide as it has failed to reach agreement with the British firm.
"TCL was evaluating a possible cash offer for Cable & Wireless Worldwide Plc (CWW). TCL confirms that it has been unable to reach agreement with CWW on an offer price and therefore confirms that it does not intend to make an offer for CWW," Tata Communications said in a statement.
Tata Communications and Vodafone were in race to acquire CWW.
CWW owns fixed lines that are used by mobile operators to provide links to mobile transmitters and switching offices. It also provides voice, data and hosting services to major British companies such as Next, Tesco and United Utilities, and retains an international cable network connecting more than 150 countries.
CWW would have provided TCL, which owns undersea cable assets and provides telecom and Internet services to companies across countries, a larger footprint in voice and data carrier businesses as well as in the undersea cable network.