Cable & Wireless has made a #40 million profit by selling part of its stake in Sweden?s Net Com Systems. The move, following closely on C&W's abandonment of its alliance with German telecoms providers Veba and RWE, is seen as proof of a strategy to focus on cable interests rather than European telco partnerships.
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 of Net Com from 10.1 per cent to 4.6 per cent. It acquired its stake 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 operator pulling out of the German alliance but agreed that the company wants to focus on building up its massive cable joint venture, Cable & Wireless Communications.
Adrian May, telecomms analyst at research company Ovum, believes C&W latest activities give a strong indication that it is reorganising its business to make it a suitable partner for the Global One alliance between Deutsche Telekom, Sprint and France Telecom.
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