Cable & Wireless has made a #40 million profit by selling its share in Sweden?s Net Com Systems, as it continues to abandon European telco ventures to focus on cable interests. The sale follows C&W's pull-out from its alliance with German telecomms providers Veba and RWE last week.
Net Com is a holding company set up in 1993 to manage the Scandinavian communications interests of Swedish conglomerate Kinnevik Group. It also owns a controlling stake in Tele2, the leading competitor to Swedish PTT Telia.
Cable & Wireless has reduced its share in Net Com from 10.1 per cent to 4.6 per cent. Its shares were acquired last September as part of an exchange for Cable & Wireless? 39.9 per cent holding in Tele2.
A C&W spokesperson said the sale was not directly linked with the decision to leave the German alliance but the company has said it wants to focus on building up its cable joint venture, Cable & Wireless Communications.
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