Industry | Telecommunications |
---|---|
Founded | 26 March 2010 |
Defunct | 1 April 2013 |
Successor | Vodafone |
Headquarters | Bracknell, England, UK |
Revenue | £2,257 million (2011) [1] |
£170 million (2011) [1] | |
£209 million (2011) [1] | |
Website | vodafone |
Cable & Wireless Worldwide PLC (informally Cable & Wireless) was a British multinational telecommunications services company headquartered in Bracknell, United Kingdom. It was formed in 2010 by the split of Cable & Wireless plc into two companies, the other being Cable & Wireless Communications serving Central America and the Caribbean (and now a part of Liberty Latin America).
Cable & Wireless Worldwide specialised in servicing large corporates, governments, carriers and resellers and its services included managed voice, data and IP-based services. It had operations in Asia Pacific, Europe, India, the Middle East & Africa and North America. [2] The company was bought by Vodafone in July 2012 and integrated into the business on 1 April 2013. [3]
The company was formed on 26 March 2010, made up of the remaining business of Cable & Wireless plc following the demerger of the company's international division to form Cable & Wireless Communications. The split meant that the FTSE 100 Index temporarily held 101 firms, before Cable & Wireless Communications dropped to the FTSE 250 Index. [4]
Following the split, CWW went through a tumultuous period – its shares, which hit a high of 98.5 pence after the split, valuing the group at $4.25 billion; fell to 13 pence in November 2011, increasing speculation it would be a takeover target. [5]
On 28 June 2011, the board of Cable & Wireless Worldwide accepted the resignation of Jim Marsh and announced that John Pluthero, the then-Chairman, would become Chief Executive. [6] On 14 November 2011, Cable & Wireless Worldwide announced that it had appointed the former Vodafone Group executive Gavin Darby as its new chief executive. [7]
On 23 April 2012, Vodafone announced an agreement to acquire Cable & Wireless Worldwide for £1.04 billion. [8] [9] [10]
Vodafone, who was looking to strengthen its integrated corporate services business arm – Vodafone Global Enterprise, bid for CWW with Tata Communications Ltd. also in the fray. Vodafone became the sole bidder after Tata group withdrew; and on 23 April 2012, Vodafone announced an agreement to acquire the operations of CWW for £1.04 billion in cash. [8] [9] [10] On 18 June 2012, CWW shareholders voted in favour of the Vodafone offer, exceeding the 75% of shares necessary for the deal to go ahead. [5] Vodafone was advised by UBS AG, while Barclays and Rothschild advised Cable & Wireless. [11]
The acquisition gave Vodafone access to CWW's fibre network for businesses, [10] enabling it to take unified communications solutions [11] [12] to large enterprises in UK and globally; and expand its enterprise integration service offerings in emerging markets. [12]
The purchase was completed on 30 July 2012, and one-time CWW employee and CEO of Vodafone Global Enterprise Nick Jefferey was appointed as CEO of CWW. Cable & Wireless was fully integrated into Vodafone on 1 April 2013.
Cable & Wireless Worldwide was the third-largest supplier of IP services to FTSE 350 Index customers.[ citation needed ] However, with recent cable company consolidation it can no longer claim its position as the second largest UK fixed player. The fortunes of the international wholesale telecoms division of C&W UK is significant - accounting for over one third of UK revenues. Indeed, its international wholesale voice operation and IP network (AS1273) remain sizable, but commercially struggling.
Following the acquisition of Energis in August 2005, C&W strengthened its UK position but still have only half the Internet Access corporate market share of former incumbent (BT). Former CEO Francesco Caio publicly stated the aim of making C&W the preferred alternative to BT in the UK. John Pluthero, on his accession in the Energis management takeover, modified this to be the leading UK IP services company.
C&W also bought Bulldog Communications in the UK, providing it with an LLU network as well as a consumer broadband Internet service provider. During aggressive expansion it gained a poor reputation for provisioning and customer service. Falling new sales and a strategy change led C&W to sell the brand and customer base to Pipex in September 2006. It continues to own, and wholesale on, the LLU capability. In 2009 through a series of mergers and takeovers Pipex became part of TalkTalk.
Cable & Wireless HKT was the Hong Kong operations of British-based telecom firm Cable & Wireless and was established in the then British colony in 1934.[ citation needed ] It was not until 1981 that the unit formally registered as a Hong Kong company, Cable and Wireless (Hong Kong) Limited. In 1987 Cable and Wireless (Hong Kong) Limited merged with Hong Kong Telephone Company as Hong Kong Telecom. It was renamed as Cable and Wireless HKT International in 1998. CWHKT was acquired by PCCW in 2000.
Shareholder groups repeatedly warned about excessive executive remuneration at the company. Before it split into two separately listed companies in early 2010, Cable & Wireless suffered one of the biggest shareholder rebellions in 2009 when 38% of the shareholder register failed to back the company's pay policy at a fiery meeting. The company's highly controversial long-term incentive plan (LTIP) was calculated on 10% of the company valuation and was claimed to pay out to senior managers; in fact the members of the LTIP were the only executive directors who for the year 2009/2010 shared a £60 million bonus pool. [13]
PCCW Limited is a Hong Kong-based information and communication technology (ICT) company.
Pipex was the United Kingdom's first commercial Internet service provider (ISP). It was formed in 1990 and helped to develop the ISP market in the UK. In 1992 it began operating a 64k transatlantic leased line and built a connection to the UK government's JANET network. One of its first customers was Demon Internet which popularised dial up modem based internet access in the UK. It was also one of the key players in the development of the London Internet Exchange through a meeting with BT in 1994.
Demon Internet was a British Internet service provider, initially an independent business, later operating as a brand of Vodafone. It was one of the UK's earliest ISPs, offering dial-up Internet access services from 1 June 1992. According to the Daily Telegraph, it "sparked a revolution by becoming the first to provide genuinely affordable access to the internet in the UK".
Vodafone Group plc is a British multinational telecommunications company. Its registered office and global headquarters are in Newbury, Berkshire, England. It predominantly operates services in Asia, Africa, Europe, and Oceania.
The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie", is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group.
Thus was a telecommunications provider operating in the United Kingdom based in Glasgow, Scotland. The company was once listed on the London Stock Exchange and became a subsidiary of Cable & Wireless Worldwide (CWW). Following the acquisition of Cable & Wireless Worldwide by Vodafone in July 2012, the company was gradually integrated into Vodafone. This was completed on 1 April 2013.
Cable & Wireless plc was a British telecommunications company. In the mid-1980s, it became the first company in the UK to offer an alternative telephone service to British Telecom. The company later offered cable TV to its customers, but it sold its cable assets to NTL in 2000. It remained a significant player in the UK telecoms market and in certain overseas markets, especially in the former British colonies of the Caribbean, where it was formerly the monopoly incumbent. It was also the main supplier of communication in the British South Atlantic, including Saint Helena and the Falkland Islands. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.
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Energis Communications Limited, briefly Telecom Electric, or more usually just Energis, was a 'technology driven communications company' based in the United Kingdom and Ireland. The company was once a constituent of the FTSE 100 Index, but subsequently went into administration, and then became a subsidiary of Cable & Wireless, in turn acquired by Vodafone.
Planet Online was a UK business-to-business Internet Service Provider. Based in Leeds, it was started by local businessman and multi-millionaire Peter Wilkinson and Paul Sykes in July 1995.
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Verizon Business is a division of Verizon Communications based in Basking Ridge, New Jersey, that provides services and products for Verizon's business and government clients.
Vodafone Global Enterprise Limited is a multinational company which provides telecommunications and information technology services to large corporations, and a wholly owned subsidiary of Vodafone Group Plc. It is headquartered in London, England and was established in April 2007.
Linus Cheung Wing Lam, JP was the chairman of Asia Television in 2008–2009, Chief Executive Officer of Hong Kong Telecom (HKT) and executive director of Cable & Wireless plc in the United Kingdom in 1994–2000, following the merger of Cable & Wireless HKT with PCCW Limited (PCCW) in 2000, Linus served as the Deputy Chairman of PCCW until 2004. Prior to joining HKT, Linus spent 23 years at Cathay Pacific, before departing as Deputy Managing Director. Linus then served on the board of China Unicom since 2004 and HKR International since 2006.
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