BruTele – which co-owns Belgian cableco VOO alongside Wallonia-based utility firm Nethys – has confirmed that it has suspended negotiations over the sale of the cable operator to US investor Providence Equity after being kept in the dark by its partner. A report by RTBF.be suggests that BruTele was not informed of the conclusion of the sale agreement between Nethys and Providence, with the latter’s identity withheld from BruTele’s board of directors.
RTBF quotes company representatives as saying: ‘BruTele deems it necessary to be fully informed by Enodia [the parent company of Nethys] … It is only once in possession of all these elements that the board of directors can determine and best advise the associated municipalities. Pending this information, negotiations are suspended.’
VOO, which was formed in April 2006, is a partnership between Brussels-based BruTele and Nethys (formerly Tecteo). The company technically comprises municipality-owned cable operators in the two regions, with BruTele and Nethys retaining operational control of the smaller companies, all of which operate under the VOO banner.