Investors in Cable & Wireless Worldwide have finally given the thumbs-up to an acquisition offer from Vodafone. The deal values the 152-year-old telecom company at $1.6 billion.
Vodafone is currently the second largest mobile company globally, and the CWW acquisition will only add to its stature among the telecommunications giants of the world.
According to Reuters, one institutional investor in particular had been holding back a vote on the deal. When that party was in favor of the acquisition, that gave Vodafone 99 percent of the votes from voting shareholders to proceed with the acquisition.
CWW controls more than 12,000 miles of optical fiber, which means Vodafone will no longer have to rent landline from competing telecoms such as BT. In addition to its fixed line capacity, CWW provides managed voice and data services as well as IP-based services and applications. CWW targets large enterprises, governments, and carriers.
The $1.6 billion acquisition offer was first agreed to by both parties back in April 2012.
The company’s history hasn’t been without controversy. Since 2009, a series of strategic product missteps, scandals over lavish executive compensation, and a breakup into two separate entities have caused the company’s stock price to plummet, making it an obvious acquisition target for a hungry up-and-comer such as Vodafone.
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