Vodafone buys Cable & Wireless for £1.04bn

The Newbury-based telecoms giant Vodafone is set to become the UK's second biggest telecoms operator after it agreed to buy Cable & Wireless Worldwide for £1.04 billion.

The firm will be second largest in the industry in the UK once the deal is completed. The largest being BT.

The company offered 38p a share for Cable & Wireless Worldwide, a 92% premium to the closing price on the day before the talks were unveiled.

"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."

– Vittorio Colao, Chief Executive, Vodafone Group

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Vodafone's billion pound bid

Newbury-based Vodafone is set to become the UK's second biggest telecoms operator after it agreed to buy ailing Cable & Wireless Worldwide for £1.04 billion.