Bermuda-based KeyTech Holding Limited, which owns Cayman Islands-based broadband operator Logic Cayman (WestTel), has announced that it has entered talks to acquire Botcat Holdings, the parent company of domestic telecoms operator WestStar. A press statement read: ‘Botcat owns WestStar TV Limited in Cayman and a significant interest in CableVision Holding Limited in Bermuda. Following completion of the acquisition, KeyTech will have a controlling interest in Bermuda CableVision Limited’. The transactions will be subject to a number of conditions, including regulatory approvals from the relevant authorities in both Bermuda and the Cayman Islands.
KeyTech CEO Lloyd Fray said: ‘We are excited about these transactions as they are the right strategic fit for the long-term growth of the company. It allows our group to expand and focus its investments, [and is] in the best interest of all stakeholders, in both Bermuda and Cayman.’
Further, local news source Cayman 27 reports that KeyTech intends to enter into a simultaneous agreement to sell 100% of its interest in Bermuda Telephone Company Limited (BTC) to Barrie OpCo Limited, an investment group with extensive experience in the telecoms sector.