Cable & Wireless (Sey) takes over internet service provider Atlas |23 December 2005

According to a press communiqué from CWS, the consideration for SR19 million is subject to an adjustment based on the final audited net assets of Atlas as at 31 December 2005. The transaction is expected to be completed on December 31, 2005.

The signing ceremony for the share purchase agreement (SPA) was held on Wednesday December 21 at the offices of Pardiwalla Twomey Lablache. The shareholders of Atlas were represented by Marc Houareau, executive chairman of Atlas, representing Victoria Computer Services (Proprietary) Limited and his own interest, and Arnold Chetty, managing director of Atlas, representing Chrysalis (Seychelles) Limited. Usman Saadat, chief executive officer of CWS and Charles Hammond, divisional manager Finance, represented CWS.

Cable & Wireless is a leading international telecommunications company with customers in some 80 countries and has been in existence for more than 130 years. The company provides voice, data, IP (Internet Protocol) and mobile services to business and residential customers, as well as to fixed and mobile telecommunications operators and content, application and Internet providers.

Atlas offers a range of services, including wireless broadband, dial-up access and leased lines, and is currently a leading provider of Internet services in Seychelles. Atlas was established in 1996 and it launched its high-speed wireless service Skyway in 2004.

"We are proud of our achievement of being the first ISP in Seychelles. Seeing the transition from a start-up ISP to the leading market player is a credit to the highly skilled staff that has worked as an effective team," the communiqué quotes Mr Houareau as saying.

He says Atlas has been instrumental in the growth of the Internet in Seychelles and the way people communicate through this medium.

"The changing landscape in the telecoms industry now requires even more capability, access and scale. We feel that Cable & Wireless is the company with those abilities and one that we can entrust with helping Atlas to take care of our existing loyal customers and employees. Our customers should note that it is business as usual and customer services will be unaffected," he says.

On completion of the transaction, Messrs Houareau  and Chetty will resign as directors of Atlas but stay on as consultants for an interim period to assist CWS and Atlas following the acquisition.

Commenting on the acquisition of Atlas, Mr Saadat says it is a further step towards offering customers in Seychelles a full range of services backed by the expertise of Cable & Wireless.
"The transaction makes financial and strategic sense and accelerates the continuing transformation of the Cable & Wireless group in Seychelles.

There is growing demand from our customers to deliver enhanced Internet solutions, and we believe the new synergy between Atlas and Cable & Wireless will enable us to deliver such Internet and data services," he says.

"We believe that this will increase the take-up of the Internet and further assist with the wider social development objectives of the country," Mr Saadat says.