March 07, 2011

Cable & Wireless (Bermuda) Holdings Ltd. To Be Acquired By The Bragg Group

FOR IMMEDIATE RELEASE: 23 February 2011 CABLE and WIRELESS (BERMUDA) HOLDINGS LTD. TO BE ACQUIRED BY THE BRAGG GROUP


HAMILTON, BERMUDA – Cable & Wireless Communications Plc (“CWC”) announced today the sale of its Bermuda operations comprising: Cable and Wireless (Bermuda) Holdings Ltd., (CWBH); Cable and Wireless Bermuda Ltd.; Cable & Wireless eBusiness Limited; and its 40% shareholding in Quantum Communications Limited to the Bragg Group, a leading Canadian cable and telecommunications service provider, operating under the EastLink brand.


Binding agreements were signed yesterday by CWC and the Bragg Group, with closing to take place within a few weeks. CWC and the Bragg Group will work closely together to ensure a seamless transition for customers and employees.


Ann Petley-Jones, who will be the new CEO for Cable and Wireless.Bermuda Holdings, Ltd., stated: “We are excited to invest in Bermuda’s economic growth and communications excellence. We are impressed by the quality of the employees and the company’s operations, and look forward to further modernizing and expanding a full range of communications services for Bermuda consumers and businesses. In the process, we intend to improve Bermuda’s communications infrastructure and create additional employment for Bermudians”.


"During the transition period, the Bermuda companies will operate as they do today, with the same employees, local management, processes and contact points,” she added. “Management support and certain support services from Guernsey and London, will now be repatriated to Bermuda. Following the transition, we will build on CWC’s long history in Bermuda, as well as the Bragg Group’s reputation for reliability, innovation and high-quality products, supported by superior customer service, to provide additional telecom and e-Commerce services to Bermuda businesses and consumers”.


Cable & Wireless Bermuda’s operations were previously part of Cable & Wireless Communications’ Channel Islands and Isle of Man business unit. Eddie Saints, Chief Executive of Cable & Wireless Communications for the Channel Islands and Isle of Man region, commented:


“Cable and Wireless (Bermuda) Holdings, with its subsidiary companies and Quantum investment, have been great businesses for Cable & Wireless Communications. This transaction is an example of our efforts to reshape our portfolio and focus on geographies where we have scale and competitive advantage. While Bermuda now sits outside our core hubs, as a Bermudian I am happy and very proud of our wonderful heritage spanning 121 years of service dating back to 1890 when modern technologies of the telegram cable system and radio systems first connected Bermuda to the rest of the world. We continued the journey of bringing new and evolving technologies and capabilities to Bermuda, which we experience and benefit from today. I am also very proud of my team who have endured tremendous transformation over the past ten years as the company repositioned itself to meet the changing competitive landscape in Bermuda. I am confident that we are passing the business onto an owner that has the expertise and entrepreneurial drive to further enhance the delivery of telecom and e-commerce services in Bermuda.”


Cable & Wireless Communications will continue to play a role in local telecommunications by way of its ownership in Cable & Wireless Network Services Limited, through the CBUS cable system to the U.S. and BVI, in which the new owners will have significant capacity.


Contacts


Cable & Wireless Communications -Media


Charmaine Burgess (441) 497-7148 / (441) 505-6089


Lachlan Johnston +44(0) 207 315 4006 / +44 (0) 7800 021 405


Steve Smith +44(0) 207 315 4070/ +44 (0) 7785 778 375 .


The Bragg Group -Media :


Ann Petley-Jones 1 (902) 407-4220


About Cable & Wireless Communications:


Cable & Wireless Communications is a global, full-service communications business. We operate leading telecommunications businesses through four regional units – the Caribbean, Panama, Macau and Monaco & Islands. Our services include mobile, broadband and domestic and international fixed line services in most of our markets as well as pay-TV, data centre and hosting, carrier and managed service solutions. Our operations are focused on providing our customers – consumers, businesses, governments – with world-class service. We are the market leader in most products we offer and territories we serve.


About The Bragg Group:


The Bragg Group owns Bragg Communications, the largest privately held communications and video services company in Canada, operating in 9 of 10 Canadian provinces under the EastLink brand. The Company was the first Canadian cable company to offer a “triple play” (telecom, internet and video services) to customers, and is the leader in developing competitive telecommunications services to both residential and business customers in the communities it serves in Canada. Bragg Communications has been recognized as one of Canada’s “50 Best Managed Companies” for each of the past five years, and the Bragg Group was named Canada’s “Family Enterprise of the Year for 2009.”