The sale of Florida-based ISP Summit Broadband – by Cable Bahamas to Grain Management – will generate a total of USD332.5 million for the Bahamian firm, it has been confirmed. As previously reported by CommsUpdate, earlier this week Washington, DC-based private equity firm Grain Management entered into a definitive agreement to acquire ‘a majority interest’ in Summit Broadband from Cable Bahamas.
TeleGeography notes that the current incarnation of Summit Broadband was created following the USD99 million quadruple takeover of Florida-based ISPs Summit Broadband, Marco Island Cable, NuVu and US Metropolitan Telecoms, which concluded in 2013, meaning the Bahamian company has more than tripled its initial investment.
Franklyn Butler, President and CEO of Cable Bahamas, commented: ‘The sale of Summit Broadband will allow us to focus our resources on REV and ALIV, our core Bahamian operations. At the same time, we will be able to deleverage the group’s balance sheet, a key objective I committed to as part of the Cable Bahamas Group’s Strategic Plan, announced at the AGM in January earlier this year.’