Telecom giant Vodafone, on Monday, said it had reached an agreement to buy British firm Cable and Wireless Worldwide (CWW) for about 1.04 billion pound (about $1.67 billion or Rs.8,800 crore).

Tata Communications was also in fray to acquire the British firm, but had pulled out of the race after failing to reach an agreement on the offer price.

With the Tatas moving out, U.K.-based Vodafone — which has a major presence in India with around 150 million wireless subscribers — was the only contender left for the bid. “Vodafone Europe and CWW have reached an agreement on the terms of a recommended cash offer pursuant to which Vodafone will acquire the entire issued and to be issued ordinary share capital of CWW,” Vodafone said in a filing to the London Stock Exchange

Keywords: CWWVodafoneacquisition

More In: Companies | Business