Slaughter and May is advising Cable & Wireless Communications Plc (CWC) on the sale of Compagnie Monégasque de Communication S.A.M., the holding company for its 55% interest in Monaco Telecom S.A.M. (Monaco Telecom), to a private investment vehicle controlled by Xavier Niel, the French entrepreneur and industrialist. The aggregate consideration for the sale (on a cash and debt-free basis) is EUR 321,788,000 (US$445 million).

CWC has received all required legal and regulatory consents and completion of the sale is conditional only upon approval from CWC shareholders and there being no material adverse change in the Monaco Telecom group prior to completion. Completion is expected to occur in mid-May 2014.

The transaction is a further step in CWC's strategy to focus on the Caribbean and Latin America.

CONTACTS

Corporate and Commercial: Andrew Jolly (partner), Richard Marron (associate), Nick Johnston (associate); Intellectual Property/Information Technology: Cathy Connolly (partner), Alice McDonald (associate); Tax: Graham Iversen (partner)