Cable & Wireless sells its stake in MTN for $415.6 million cash
Article Abstract:
Cable & Wireless PLC has sold its 25% interest in South Africa-based Mobile Telephone Networks Holdings Ltd. (MTN) for GBP256 million, or $415.6 million, to Johnnies Industrial Corp. and Transnet Ltd. Johnnies will take 74% of the sold portion, while Transnet will take 26%. The valuation of MTN highlights the increasing value of telecommunication assets as the selling price amounted to double analysts' valuations. Cable & Wireless said the transaction will give rise to a pretax profit of around GBP200 million. The proceeds of the sale will be applied to reduce debt. Completion of the transaction is subject to regulatory approval.
Comment:
Sells its 25% stake in South Africa-based Mobile Telephone Networks Holdings for GBP256 mil to Johnnies Industrial and Transnet
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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U.K. Ondigital to start broadcasting in November
Article Abstract:
ONdigital of the UK is to initiate broadcasting on November 15, 1998 as the first digital television network in the world aimed at receiving conventional television aerials. The television network will use digital broadcasting CD-ROM-quality sound and sharper pictures. ONdigital, with a $152.7-million budget for marketing and promotions for its first year and GBP20 million for exclusive programming, will launch a third form of pay-TV competition in the UK market. The firm is targeting 73% of households in the UK that do not subscribe to cable or satellite television services.
Comment:
To start broadcasting on 11/15/98 as world's first digital television network aimed at receiving conventional television aerials
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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