The Bahraini telecoms firm Batelco is to acquire assets owned by the United Kingdom's Cable & Wireless Communications (CWC) in a deal worth up to US$1 billion (Dh3.67bn).
Batelco is to acquire CWC's Monaco and Islands division for $680 million, as well as an additional $345m option agreement to buy further assets, it said yesterday.
The acquisition, which is subject to shareholder approval, would boost the number of markets in which Bahrain's state-controlled telecoms provider operates from six to 17, said Batelco.
The deal includes CWC's assets in the Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia.
Batelco will also buy a 25 per cent shareholding in Compagnie Monagésque de Communications (CMC), which holds CWC's 55 per cent interest in Monaco Telecom.
Monaco Telecom holds a 36.8 per cent stake in Roshan, a mobile phone operator in Afghanistan.
Batelco also entered into option agreements over CWC's remaining 75 per cent interest in CMC for an additional $345m.
The options can be exercised within a year from the closure of the deal, said Batelco.
"The total consideration for the entire Monaco & Islands division will be [$1.02bn]," it said.
Batelco has businesses in Bahrain, Kuwait, Saudi Arabia, Jordan, Yemen and Egypt.
Sheikh Mohammed bin Isa Al Khalifa, the chief executive of Batelco, said the acquisition would more than double the number of markets in which the group operates. "We are pleased to announce this acquisition, which will increase the scale and diversification of our operations.
"Batelco Group will have the opportunity to operate, in collaboration with its new business partners, across 17 markets," he said.
Batelco said it planned to raise as much as $1bn of debt through a bond issue and a term-loan facility to finance the transaction.
It has appointed BNP Paribas and Citigroup to arrange the financing.
Batelco aimed to make at least one acquisition this year to offset falling domestic revenue, its chief executive told Reuters in April.
It had cash and bank balances of $286m last year, according to its annual report, and could leverage its balance sheet to $1bn or more for acquisitions.
* with Reuters
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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