Vodafone buys Cable and Wireless in £1bn deal

The Newbury-based mobile giant is now only behind BT in terms of size, as the new deal gives it a £7billion annual revenue.
Vodafone today ended weeks of speculation in unveiling the acquisition after Indian rival Tata Communications walked away from talks.
The CEO of Vodafone Group, Vittorio Colao, said the offer had been unanimously accepted.
“The acquisition of Cable and 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.
“We look forward to working with the management and employees of Cable & Wireless Worldwide to combine our expertise for the benefit of our customers and shareholders.”
Although once one of Europe’s biggest operators, Cable and Wireless Worldwide, founded in the 19th century, had been ailing before the buyout and had gone through three chief executives since a restructuring in 2010
In a statement its chairman John Barton said the Vodafone offer, which is subject to shareholder approval, would provide more stability for the company and its shareholders.