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Comcast confirms Time Warner Cable takeover for USD 45 bln
2014-02-13 13:08:00| Telecompaper Headlines
(Telecompaper) Comcast has agreed to acquire Time Warner Cable, in a deal valuing the US' second-largest cable operator at USD 45.2 billion. TWC agreed to the offer worth USD 158.82 per share, after earlier rejecting a bid of USD 132.50 per share from the smaller Charter Communications. Comcast will pay all in stock for TWC, offering 2.875 of its own shares for each TWC share, giving TWC shareholders 23 percent of the combined company. The companies expect to generate synergies of USD 1.5 billion from integrating their operations; including these synergies, Comcast said the deal values TWC at 6.7 times operating cash flow. Comcast said it will sell operations with around 3 million subscribers in order to keep its market share below 30 percent after the takeover. This will give it a net 8 million new customers from TWC, for a total base of 30 million. Pending regulatory and shareholder approval, the deal is expected to close by the end of 2014.
Comcast agrees USD 44 bln bid for Time Warner Cable - report
2014-02-13 09:18:00| Telecompaper Headlines
(Telecompaper) Comcast has agreed to acquire Time Warner Cable for about USD 44 billion in an all-stock deal, according to multiple press reports in the US. Comcast is offering a premium of around 18 percent on TWC's last closing share price, valuing the company at EUR 159 per share. This beats an earlier offer of USD 132.50 from Charter Communications, which TWC deemed inadequate. The deal to merge the two largest cable operators in the US will likely require Comcast to sell off some assets. One source told Bloomberg that Charter is unlikely to match Comcast's bid but will look to acquire some of the assets Comcast would sell. Comcast is expected to offer to divest about 3 million subscribers to keep its market share below 30 percent and secure regulatory approval for the merger.
Vodafone CEO sees USD 30-40 bln available for acquisitions
2014-02-11 09:18:00| Telecompaper Headlines
(Telecompaper) Vodafone Group could spend up to USD 30-40 billion on acquisitions in coming years and no deal should be too big if it makes strategic sense, CEO Vittorio Colao said. Colao told reporters he was exploring possibilities for big acquisitions on top of investments in Vodafone's existing business, to be financed with the proceeds from selling the company's 45 percent stake in Verizon Wireless. He said the company was looking at "sizeable" acquisitions that could "transform the company", Reuters reported from a a media roundtable in New York. The operator could have up to USD 40 billion for takeovers, after it returns most of the Verizon proceeds to shareholders and invests USD 30 billion in its network over the next two years. This is based on debt of 2x annual EBITDA. While the CEO was careful not to name any acquisition targets, he said Vodafone is keen to build up its fixed-line assets in Europe, its enterprise business around the world and its mobile business in emerging markets. Colao estimates that Vodafone has 16-17 percent of the total telecommunications market and that it could increase this to 20-23 percent. The CEO sees the best chances to buy mobile assets in emerging markets, as Vodafone could have trouble getting many deals past regulators in Europe because of its size there.
Claro slapped with USD 138.5 mln fine in Ecuador
2014-02-10 12:17:00| Telecompaper Headlines
(Telecompaper) Ecuador's anti-monopoly watchdog Superintendencia de Control del Poder de Mercado (SCPM) has fined Consorcio Ecuatoriano de Telecomunicaciones Conecel, a unit of America Movil, USD 138.5 million for abuse of market power. Conecel operates on the local market under the Claro brand name. Claro currently holds a share of 67 percent of the local mobile market, serving nearly 15.5 million customers, El Nuevo Herald reports. The fine is equal to 10 percent of Claro's revenues in 2012, SCPM said.
FCC to invest additional USD 2 bln in broadband for schools
2014-02-03 21:59:00| Telecompaper Headlines
(Telecompaper) The Federal Communications Commission (FCC) has announced that the agency will invest an additional USD 2 billion over the next two years to support broadband networks in United States' schools and libraries. This represents a doubling of investment in broadband and will connect 20 million students in at least 15,000 schools to broadband access. Funding for new investments in broadband will come from reprioritising existing E-Rate funds to focus on high-capacity internet connectivity, increasing efficiency and modernising management of the E-Rate programme.
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