CBL risks losing USD8m over slow approval process

6 Jun 2013

Cable Bahamas Ltd (CBL) could lose USD8 million if the Bahaman government refuses to approve the cableco’s acquisitions of three Florida-based telcos, local news portal Tribune 242 reports. The cableco has so far spent USD1.92 million in costs related to the triple acquisition, valued at USD89 million, and has paid non-refundable deposits totalling USD5.93 million. CBL announced plans to acquire Marco Island Cable, NuVu and Summit Broadband in late 2012 and received approval from US regulators in March this year. Despite the progress, however, the takeovers have been delayed by the Bahaman government dragging its feet over giving the deals the green light. Indeed, the cabinet is yet to comment on any concerns, if any, it has over the acquisitions and remains tight-lipped regarding the cause for the prolonged approval process.

Bahamas, United States, Cable Bahamas Limited (CBL, REV)