Photo: Cable & Wireless

[Via Satellite 10-14-13] Cable & Wireless has taken a further step out of the satellite business by announcing that its subsidiary Monaco Telecom has agreed to sell its Algerian satellite communication business Divona SpA (Divona) to Smart Link Com SpA, of Algeria, for $1.4 million. The transaction is subject to customary regulatory approvals by the relevant authorities in Algeria.

As at 31 December 2012, the gross assets and net assets of Divona were $14 million and $2 million respectively. In the financial year ended 31 December 2012, Divona generated a profit before tax of $3.0 million before exceptional gains and $8.8 million after exceptional gains.