C&W completes Digital Island buy

British communications company Cable & Wireless said Friday it has completed its previously announced purchase of Digital Island. The merger was aimed at combining the two companies' Internet backbone networks and data center hosting facilities to create a more powerful company serving the Internet needs of businesses. Digital Island is now a wholly owned subsidiary of Cable & Wireless. Under terms of the merger, outstanding Digital Island shares can be converted to $3.40 in cash per share, the company said.