C&W cashes in on NTL

British telco Cable&Wireless (C&W) has sold three per cent of its share in NTL for £183m.

Investment bank Goldman Sachs bought the eight million shares in the Anglo-American company in conjunction with other unnamed investors. However, the sale still leaves C&W with 36.4 million shares in NTL. According to an agreement signed between the two companies in 1999, the British company must retain at least 22.2 million shares until the end of May 2001.