Cable & Wireless Worldwide
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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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The company was bought by Vodafone in July 2012 and integrated into the business on 1 April 2013.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
HistoryEdit
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.<ref>Cable & Wireless demerger takes the FTSE 100 to 101 BBC News, 26 March 2010</ref>
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.<ref name=VGE-H-15/>
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.<ref>Template:Cite news</ref> On 14 November 2011, Cable & Wireless Worldwide announced that it had appointed the former Vodafone Group executive Gavin Darby as its new chief executive.<ref>Cable & Wireless Worldwide hires Vodafone's Darby as CEO</ref>
On 23 April 2012, Vodafone announced an agreement to acquire Cable & Wireless Worldwide for £1.04 billion.<ref name=VGE-H-06/><ref name=VGE-H-07/><ref name=VGE-H-08/>
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.<ref name=VGE-H-06>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=VGE-H-07>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=VGE-H-08>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name=VGE-H-15>Vodafone Gets Approval for C&W Bid as Orbis Drops Opposition</ref> Vodafone was advised by UBS AG, while Barclays and Rothschild advised Cable & Wireless.<ref name=VGE-H-09/>
The acquisition gave Vodafone access to CWW's fibre network for businesses,<ref name=VGE-H-08/> enabling it to take unified communications solutions<ref name=VGE-H-09>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=VGE-H-05>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> to large enterprises in UK and globally; and expand its enterprise integration service offerings in emerging markets.<ref name=VGE-H-05/><ref name=VGE-H-11>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>Template:Cite news</ref>
Executive remunerationEdit
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
See alsoEdit
ReferencesEdit
External linksEdit
Template:Telecommunications industry in the United Kingdom Template:Vodafone