Bermuda’s TBi seeking to take control of beleaguered WOW

7 Mar 2022

The Regulatory Authority (RA) of Bermuda opened a public consultation on a proposed Change of Control in the electronic communications sector of World on Wireless Limited (WOW) to TeleBermuda International (TBi) on 4 March 2022.

In a statement, the regulator confirmed ‘it will seek public input regarding the Change of Control request (Proposed Transaction) submitted with respect to World on Wireless (WOW) which is currently in provisional liquidation, adding that WOW holds an Integrated Communications Operating Licence (ICOL), No. ICOL201321 Rev1-770, issued on 29 April 2013. It also holds a Spectrum Licence Wireless Cable Service (500MHz and 600MHz Band), No. 021-WCS-06.

WOW was the subject of a winding up petition on 10 December 2021, following which KPMG was appointed as the provisional liquidator: WOW is insolvent because of accumulated trading losses and accrued liabilities, but remains open while a possible sale of all or part of the business as ‘a going concern’ is explored. With TBi now identified as a preferred bidder, the company is looking to complete the purchase of WOW’s ICOL and associated spectrum licence. TBi’s acquisition of the Business will provide it with access to WOW’s roughly 12,000 subscriber base which will provide what it regards as ‘critical mass to TBi’s subscription television services business and allow it to invest in this line of business’. Furthermore, TBi intends to market its internet services to WOW’s customers and to promote WOW’s subscription television offering to its existing telephone and internet customers.

Responses are due by 11 March 2022 and the RA will issue a final decision at the conclusion of the process.

Bermuda, Regulatory Authority (RA), TeleBermuda International (TBi), World on Wireless (WOW)