BRIDGETOWN, Barbados – The Fair Trading Commission (FTC) Friday gave conditional approval for the moves by the British telecommunications giant, Cable and Wireless Communication (CWC) to acquire Columbus Communication International (CCI), operators of FLOW in the Caribbean.
Last year, both companies announced the deal in a joint statement, saying the proposed acquisition, valued at US$3.025 billion will enable the combined company to significantly accelerate its growth strategy, improve service delivery to customers in the region, offer customers a comprehensive portfolio of high-quality products and services, and strengthen their position against larger competitors.
In a statement, the FTC said that it had considered the overall efficiencies of the merger and the anti-competitive effects it will create in the telephony and Fixed data services but has determined that the merger should be approved subject to certain conditions.
It listed 14 conditions, including that during this transitional period these customers are not to be disadvantaged and that the applicants must submit an independent valuation of the assets to be divested within 60 days after the date of the Commission’s decision.
Source: CMC