The securitization will allow Cable & Wireless to access funds ahead of a potential sale or a stock market flotation of One2One. The money is to be used for potential acquisitions in Asia. One2One, the UK's fourth-largest mobile-phone company with 12 per cent of the market, is a joint venture between Cable & Wireless and MediaOne of the US.

For the year to 31 March 1999, One2One last week reported an operating loss of 52 million pounds, and had net liabilities of 630 million pounds.

The plan to raise money is to give Cable & Wireless financial flexibility as it tries to put together a string of deals on the acquisition and disposals fronts. Cable & Wireless is fighting Nippon Telegraph & Telephone for a controlling stake in IDC, a major Japanese phone group. The UK company, which has a 17.7 per cent stake in IDC, has offered 344million pounds for the group.

And the UK group has offered a 5 Australian dollar-a-share cash offer for AAPT, the third largest telephone company in Australia. The bid values AAPT at A$1.5 billion ($993.5 million).

As part of the company's attempt to raise money, Cable & Wireless has put its 20 per cent stake in French mobile operator Bouygues Telecom up for sale. Bouygues Telecom is part of Bouygues SA.

Cable & Wireless is also selling its sub-sea cables business Global Marine to Global Crossingof the US.