Vodafone says agrees takeover of Cable & Wireless

British mobile phone giant Vodafone on Monday said it had struck a deal to buy telecoms firm Cable & Wireless Worldwide for more than £1.0 billion.

"Vodafone ... and Cable & Wireless Worldwide plc are pleased to announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Vodafone will acquire the entire issued and to be issued ordinary share capital of CWW," Vodafone said a statement.

The offer values the entire issued ordinary share capital of CWW at around £1.044 billion, Vodafone added.

Vodafone had first indicated in February that it was looking to bid for C&W, while India's Tata Communications dropped out of the takeover race earlier this month.

Cable & Wireless Worldwide is a global telecoms company that was set up in the 1860s to run the British empire's communications network.

It was involved from the start in the laying of submarine cables around the world which linked the outposts of the British empire as it expanded in the 19th century.

                                                                                                                                                                                         (courtesy:news.yahoo.com)