CBL shareholders back US expansion

2 Aug 2013

The shareholders of Cable Bahamas Ltd (CBL) have endorsed plans to acquire four companies in Florida, The Bahamas Weekly reports. The cableco has negotiated to take over Marco Island Cable, NuVu, Summit Broadband and US Metropolitan Telecoms in four separate deals worth more than USD99 million. Anthony Butler, the president and CEO of CBL noted that the vote in support of the expansion was ‘a further milestone that has been met for Bahamian regulatory approval and we anticipate closing these transactions in the coming weeks.’ As previously noted by CommsUpdate, CBL was given the green-light for the acquisitions by US regulators in March 2013 but domestic authorities have been dragging their feet in approving the takeovers. In early June 2013, CBL noted that it risked losing USD8 million from deposits and costs related to the acquisitions if the government continued to delay approval.

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