Bermuda-based KeyTech Holding Limited has announced that its subsidiary has acquired 100% of the issued shares of Bermudan digital cable TV and broadband access provider CableVision, which it plans to merge with its internet service provider Logic Communications. Commenting on the tie-up, Lloyd Fray, CEO, KeyTech Group said: ‘This is a significant transaction for KeyTech and [will position] Logic for future growth as it brings together Bermuda’s premier ISP and cable access providers. In order for these companies to meet growing consumer demand for high bandwidth products, one bill, and to expedite capital intensive projects for network expansion and upgrades, we felt it was prudent for KeyTech to acquire 100% of the Cablevision shares and to merge these two entities.’
The amalgamation of Logic and CableVision will create a triple-play telecoms provider able to cater to both the corporate and mass user market. Following the merger, CableVision will be rebranded as Logic and customers (and existing service centres) will continue to operate under the unified brand.
TeleGeography notes that prior to the announcement, Bermuda CableVision was 33.2% owned by KeyTech, which also has interests in fixed line operator Bermuda Telephone Company (BTC), wireless operator CellOne and internet service provider Logic Communications. In April 2013 Logic Communications and another ISP, North Rock Communications, merged their respective operations under the Logic Communications name. The new enlarged company is 100% owned by KeyTech, which previously owned Logic Communications.