Panama: IT Company Purchased for $36 million

Cable & Wireless Panama’s acquires local company Sonitel, a provider also in El Salvador, Peru, and Nicaragua B2B markets.

Tuesday, August 26, 2014

Cable & Wireless Communications, Plc (CWC), through its subsidiary Cable & Wireless Panamá, S. A. (CWP), today announces that it has agreed to acquire Panama-based Grupo Sonitel for US$36 million plus contingent consideration of up to an additional US$5 million.

Grupo Sonitel operates SSA Sistemas, a provider of end-to-end managed IT solutions and telecoms services to business and government customers in Panama, as well as in El Salvador, Nicaragua and Peru; and Sonset, a provider of IT solutions and services to Small and Medium
Enterprise (SME) customers in Panama. Logistica, an IT hardware reseller and a small number of other non-core Grupo Sonitel companies, are not included as part of the transaction.

Phil Bentley, CEO of Cable & Wireless Communications said: “This transaction is in line with the strategy we outlined in May to grow our business (B2B) and government (B2G) capabilities. Business customers have increasingly complex needs as telecommunications and IT services converge, and as they look for hosted, integrated solutions to deliver greater innovation and efficiencies. Governments, too, are recognizing and embracing the power of managed services to deliver policy objectives in areas such as health, security, education, and e-government, where our Panama business has already pioneered a number of market-leading
developments. Adding more than 350 IT software and telecoms service engineers to our team will considerably boost our capabilities in this field; and I’m delighted that Julio Speigel F., who has been working with Grupo Sonitel for 20 years and serves as Executive Vice President, has agreed to lead the business”.

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