Manx Telecom sold by Telefonica for £ 158.8 million
June 7, 2010
Telefonica has recently announced that it is selling its Manx Telecom which is a wholly owned Isle of Man based subsidiary to a private equity firm called Hg Capital and telecom management company called CPS Partners for £158.8 million.
It was stated by the Spanish Telecoms that the sale was the part of the plan so as to focus on the resources on larger markets where the company can take the higher advantage of its scale and worldwide position and 2 of the commercial brands, O2 and Movsitar.
This recent deal is expected to close by the end of June this year.
The CEO of Telefonica Europe, Matthew Key said that the transaction will prove to be for the best interests of the customers, shareholders and employees of Telefonica. He also stated that Hg Capital has a good track record in the sector of telecom, media and technology (TMT) and CPS Partners has a very strong telecoms pedigree.
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