Bragg Group Jumps Into Bermuda Telecom
Canadian cablecaster acquires the company as part of an international expansion.
TORONTO – Canadian cablecaster The Bragg Group has acquired a telecom company in Bermuda for $70-million. The purchase from British-based Cable & Wireless Communications marks the Canadian company’s first foray outside base in Nova Scotia.
Bragg picked up Cable and Wireless (Bermuda) Holdings, a 121 year-old company, and 40% stake in Quantum Communications.
"We will not be replacing existing operations and people who work for CWB today. In fact, we expect to increase local Bermudian employment in the near future," Bragg said in a statement.
Bragg joins rival Canadian cablecasters that have diversified into world markets in recent years, including Cogeco in Portugal.