April 25, 2014 / 7:42 AM / 5 years ago

Cable & Wireless sells Monaco Telecom stake to Xavier Niel

LONDON (Reuters) - Cable & Wireless Communications has sold its stake in Monaco Telecom to French entrepreneur Xavier Niel, chief executive and founder of low-cost telecoms provider Iliad, for 322 million euros ($445 million).

The British group, which has been disposing of businesses outside its core central America and Caribbean regions, previously agreed to sell the stake to Bahrain’s Batelco, but the deal collapsed late last year.

It said the sale of the business to Niel had received all required legal and regulatory consents from the Principality of Monaco, which is located in southern France.

Niel is buying Compagnie Monegasque de Communication, a holding company that owns a 55 percent stake in Monaco Telecom, the incumbent operator in the principality and also the owner of a 36.75 percent stake in Telecom Development Company Afghanistan Limited (Roshan), a mobile operator in Afghanistan.

Cable & Wireless said once the deal completed it would generate all of its revenue from the Caribbean and Latin America region, with the exception of the Seychelles.

Reporting by Paul Sandle, Editing by kate Holton

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