Cable & Wireless Worldwide

Cable & Wireless Worldwide PLC

Company type	Public limited company
Industry	Telecommunications
Founded	March 26, 2010 (2010-03-26)
Defunct	April 1, 2013 (2013-04-01)
Fate	Acquired by Vodafone and merged into its operations
Headquarters	Bracknell , United Kingdom
Area served	Asia Pacific, Europe, India, Middle East & Africa, North America
Key people	Jim Marsh (former CEO), John Pluthero (former CEO), Gavin Darby (former CEO), Nick Jefferey (CEO at acquisition)
Products	Managed voice, data and IP services

Cable & Wireless Worldwide PLC (commonly known as Cable & Wireless) was a UK-based multinational telecommunications firm with its headquarters located in Bracknell. Established in 2010 following the division of Cable & Wireless plc into two separate businesses, the other being Cable & Wireless Communications, which focused on Central America and the Caribbean regions (now integrated into Liberty Latin America).

Specializing in providing managed voice, data, and IP services, Cable & Wireless Worldwide catered primarily to large corporations, government bodies, carriers, and resellers. Its operations spanned multiple regions including Asia Pacific, Europe, India, the Middle East & Africa, and North America. In July 2012, the company was acquired by Vodafone and was fully merged into Vodafone’s operations by 1 April 2013.

History

Cable & Wireless Worldwide came into existence on 26 March 2010 after Cable & Wireless plc separated its international division to form Cable & Wireless Communications. This restructuring temporarily increased the number of companies in the FTSE 100 Index to 101 before Cable & Wireless Worldwide transitioned to the FTSE 250.

Following the demerger, CWW’s stock price initially reached a high of 98.5 pence but declined to 13 pence by November 2011 amid rumors of a potential takeover. On 28 June 2011, CEO Jim Marsh stepped down and Chairman John Pluthero assumed the CEO role. Later that year, Gavin Darby, formerly of Vodafone, was appointed CEO.

On 23 April 2012, Vodafone revealed plans to purchase Cable & Wireless Worldwide for £1.04 billion. This acquisition was intended to bolster Vodafone’s corporate division, Vodafone Global Enterprise, positioning it against competitors such as Tata Communications Ltd., which eventually withdrew from contention. Shareholders approved the transaction on 18 June 2012.

The acquisition process was supported by UBS AG advising Vodafone, while Barclays and Rothschild advised Cable & Wireless Worldwide. The deal provided Vodafone with access to CWW’s fibre infrastructure tailored for business clients, enhancing unified communications offerings for major enterprises within the UK and internationally, along with broadening Vodafone’s reach in emerging markets.

The transaction concluded on 30 July 2012 with Nick Jefferey appointed as CEO of Cable & Wireless Worldwide. The company was fully absorbed into Vodafone by 1 April 2013.

Executive remuneration

The company faced ongoing shareholder dissatisfaction concerning high executive compensation. Prior to the split into two publicly traded companies in early 2010, Cable & Wireless encountered significant shareholder opposition in 2009 when 38% voted against the firm’s remuneration strategy. The contentious long-term incentive plan (LTIP), which allocated rewards equivalent to 10% of the company’s market value to senior executives, saw only LTIP participants among executive directors share a £60 million bonus pool during 2009/2010.

See also

• All Red Line
• Imperial Wireless Chain