Cable Bahamas Ltd has announced that it has completed the purchase of U.S. Metropolitan Telecom LLC (US Metro), a Florida-based telecommunications provider.
According to officials, the transaction, announced in late December 2012, is part of a series of transactions which have received Bahamian Government regulatory approval.
Cable Bahamas says the purchase is an “integral” part of its international expansion.
It explained that its ambition is ultimately the acquisition of four telecom and broadband providers in the central and southwest regions of Florida.
The move also prepares the company to make itself a viable alternative to the Bahamas Telecommunications Company (BTC) whose mobile monopoly ends next year.
Digicel – a Jamaican based telecommunications company is also waiting in the wings to have the opportunity to enter the Bahamian market.
“The completion of this acquisition is a significant milestone in our drive to grow and expand our footprint,” said Anthony Butler, President and CEO of Cable Bahamas.
“US Metro’s regional fibre optic network dovetails nicely into our own national and international system to create a mesh of connectivity across the major centers of The Bahamas and the metropolitan markets of Central and Southwest Florida.”
Cable Bahamas has incorporated in Florida a new wholly-owned subsidiary — Summit Vista Inc. – to hold the shares of the Florida acquisitions.
“As a result of this combination, Cable Bahamas owns and operates a state-of-the-art IP-based network which provides service to a wide range of retail and commercial segments and greatly expands the product portfolio of the merged companies, which passes over 18 million people and the second largest visitor market in the United States,” officials said.
Divisional president for the Southwest region Frank Mambuca said, “Florida and The Bahamas have a long and sustained history and it is exciting to witness that our two IP networks can be connected seamlessly to provide a network that delivers Internet video, voice, data services, SIP trunking, hosted IP PBX, IP VPNs and other cloud services”.
Mr. Butler said, “This is a proud and pivotal moment in Cable Bahamas’ short history, as all of the acquisitions replicate Cable Bahamas’ current business model, mutually built upon technology and common product lines.”
Earlier this year the transaction received approvals of the FCC in the United States.
