MANAMA — Bahrain Telecommunications Company (Batelco) has agreed to buy Cable & Wireless Communications' assets in Monaco and some islands in a deal worth up to $1 billion, hoping growth overseas will offset falling revenue and market share at home. Batelco, which is debt-free, has reported falling profit in nine of the past ten quarters and this slump has led it to expand abroad, although its moves so far have been limited to Middle Eastern countries like Jordan, Yemen, Saudi Arabia and Kuwait. For CWC, the deal will allow it to cut debt and focus on a smaller geographical area. Batelco will buy CWC's Monaco and Islands division, which own stakes in telecom operators in 12 markets including the Maldives, Channel Islands and the Seychelles, providing fixed-line, mobile, broadband and television services. It will also buy 25 percent shareholding in Compagnie Monagesque de Communications (CMC), which holds CWC's 55 percent interest in Monaco Telecom. Monaco Telecom in turn holds a 36.8 percent stake in Roshan, a mobile phone operator in Afghanistan. — SG
