Cable & Wireless has sold its marine cable business in a move intended to increase the carrier's focus on the operation, rather than the construction, of networks.
The carrier said Monday it has agreed to sell Cable & Wireless Global Marine to Bermuda based Global Crossing in a $550 million deal - $450 million cash and $100 million assumed debt.
The marine business, which lays and maintains undersea fibre optic cables, will operate as an independent unit of Global Crossing and will keep its facilities available to Cable & Wireless for the installation and maintenance of its cables.
"This sale is in line with our increasing focus on the operation of communications networks, in particular data and Internet," said Stephen Pettit, Cable & Wireless' executive director of global operations.
The marine business operates 13 ships and 21 submersible vehicles. It has regional offices in the UK, Singapore and Florida.
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