UK mobile phone giant Vodafone has agreed to buy telecoms group Cable & Wireless Worldwide (C&WW).

Vodafone will pay 38 pence per C&WW share, which gives the firm a value of £1.044 billion.

The mobile phone provider had been in competition with India's Tata Communications but was left as the only suitor for the organisation last week after the Asian company ended its interest.

Tata's announcement led to a plunge in the value of C&WW shares on Thursday (April 19th).

Vodafone's deal of 38 pence per share represents a 92 per cent premium to the level of C&WW's share price before the bidding interest became known in February.

The company specialises in networking and broadband for a number of corporate clients that include Tesco and the UK police service.

Vodafone's chief executive Vittorio Colao said in a statement: "The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise segment of the UK communications market and brings attractive cost savings to our UK and international operations."

Posted by Peter Robinson

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