TIW increases indirect control over Connex

Telesystem International Wireless Inc. has said it will buy back a 13% interest in its unit ClearWave NV from two institutional shareholders, implicitly increasing its interests in MobiFon and Cesky Mobil mobile telephony operators. Once the deal is completed, TIW will hold 99.8% of ClearWave instead of the previous 86.8%. TIW said it would pay for ClearWave with private cash and shares. The transaction is conditional on several things, such as a successful offering of shares by TIW, which will help finance the cash portion of the deal for the 13%. After the transaction is closed, TIW will attempt to buy the rest of the ClearWave shares it does not hold. ZF