Columbus is a privately-owned diversified telecommunications company with operations in the Caribbean, Central America and the Andean region. Cable & Wireless has agreed to pay approximately US$1.85 billion for Columbus and will also assume Columbus’s existing net debt of approximately US$1.17 billion.
The consideration will be settled through the payment of cash and the issue of new ordinary shares in Cable & Wireless to certain Columbus shareholders. Completion is expected to take place in Q1 of 2015 and is conditional on certain regulatory approvals as well as Cable & Wireless shareholder approval.
The Mills & Reeve team, which is led by corporate partners Tom Pickthorn and Stephen Hamilton and includes associates Natalie Wade, Nicola Hanglin, Simon Warburton and Jonathan Greenwood, gave strategic advice and support on due diligence and worked alongside Freshfields Bruckhaus Deringer, led by partner Piers Prichard Jones.
The Mills & Reeve and Freshfields teams have worked closely with Columbus’ other legal advisers, including Cox & Palmer (lead transaction counsel, led by Wayne Myles, QC), Patterson Belknap Webb & Tyler (special US bond counsel, led by Herman Raspe) and Bingham McCutchen (special USA regulatory counsel, led by Ulises Pin & Hill Wellford).
Tom Pickthorn, said: “This deal is another example of our ability to advise on and assist clients with high-profile, cross-border transactions. This deal further enhances our rapidly growing international profile as we continue to do world-class work for our world-class clients.”
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