Digicel Bermuda completes acquisition of BTC

3 Jun 2015

Digicel Bermuda yesterday announced that it has completed the acquisition of Bermuda Telephone Company (BTC), with the former’s CEO Robin Seale saying: ‘This is an exciting time for Digicel Bermuda and BTC as together we are better positioned to serve our customers across Bermuda.’ Mr Seale went on to say that with the takeover now out of the way, Digicel Bermuda intends to forge ahead with plans to expand its suite of products and services for its customers. ‘Digicel is already heavily investing in increasing the capacity of our service, and the acquisition of BTC will provide the framework to broaden that even further, growing our business, creating more jobs and investing in the future of Bermuda’s communications industry,’ he said.

Last month, TeleGeography’s CommsUpdate reported that Digicel Group’s move to acquire BTC had been granted approval by the island’s regulatory watchdog, the Regulatory Authority of Bermuda (RAB), effectively paving the way for the takeover to progress on the proviso that all parties involved adhered to a number of conditions attached to the deal – details of which are yet to be made public. Earlier, in January this year, the RAB sought public comment on the planned takeover, launching a consultation on a deal that under local telecoms law it confirmed fell ‘within the meaning of a concentration’, and as such required RAB approval if it was to close. A lengthy period of deliberation began on 20 February 2015, when the RAB received formal notification of the proposed deal in which Digicel Group agreed to acquire BTC – just six months after it was taken over by Canadian group Barrie OpCo. In July 2014 Barrie OpCo, a recently incorporated Bermuda company owned by an independent investor group with experience in telecommunications, purchased 100% of BTC from local telecoms firm KeyTech for BMD30 million (USD30 million). No details on the terms of the Digicel deal or indeed its value have been disclosed.