TeleBermuda International (TBi) has successfully completed the acquisition of the business assets of fellow Bermudan company World on Wireless (WOW). The latter, acting through joint provisional liquidators, currently provides high-definition television subscription services, holds an Integrated Communications Operating Licence (ICOL), No. ICOL201321 Rev1-770, issued on 29 April 2013, and also holds a Spectrum Licence Wireless Cable Service (500MHz and 600MHz Band), No. 021-WCS-06.
As previously reported by CommsUpdate, 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 identified as a preferred bidder, the company looked to complete the purchase of WOW’s ICOL and associated spectrum licence.
TBi’s acquisition of the business provides it with access to WOW’s roughly 12,000 subscription 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.
Commenting, Lee Greene, TBi president, said: ‘This strategic acquisition allows us to leverage synergies between both WOW and TBi … TBi will build on WOW’s core competencies to develop its position as a premier provider of innovative products and services. This deal also ensures that the WoW business remains Bermudian-owned and operated.’