Panamanian cableco Cable Onda has agreed to acquire local alternative fixed line and broadband operator Advanced, Estrategia & Negoicios reports. Advanced has a significant presence in the Colon Free Zone, an important region housing manufacturing, warehousing, and export operations at the northern end of the Panama canal. Cable Onda said that the purchase, the cost of which was not disclosed, will bring its total investment in 2010 to more than USD60 million, with general manager Nicolas Gonzalez Revilla Paredes claiming that the transaction will increase its coverage and market share, as well as adding a significant number of corporate clients. Cable Onda expects to spend around USD70 million in 2011.
According to TeleGeography’s GlobalComms Database, in November 2009 Cable Onda and TeleCarrier reached an agreement to merge their operations following several months of negotiations. Both companies were keen to point out that the ‘alliance did not involve an acquisition’, with the deal instead representing an agreement to integrate two complementary operators, although it was claimed that the agreement had created the only 100% Panamanian-owned telco operator in the country.