Bahamas acquisition brings number of regional businesses to 14
KINGSTON, Jamaica – LIME, the Caribbean’s only full-service telecommunications provider has expanded its regional footprint with the management takeover of the Bahamas Telecommunications Company (BTC) by LIME’s parent company Cable and Wireless Communications Plc (CWC).
All conditions and requisite approvals to CWC’s purchase of a 51% stake in BTC have been satisfied and obtained. Consequently, CWC has announced today that it has today completed the transaction and has taken management control of the business. The takeover brings LIME’s business units across the Caribbean to 14 with the company being the telecommunications provider of choice in the majority of markets where it operates.
Today’s transaction follows the February 9 signing of an agreement between CWC and the Government of the Commonwealth of The Bahamas under which CWC acquired the majority interest in BTC for US$210 million.
As stipulated in CWC’s agreement with the Government, it has appointed a new Chief Executive Officer (CEO).
Geoff Houston will now serve as BTC’s new CEO bringing to the position more than 24 years of experience in the telecoms industry. Mr. Houston has worked with CWC for 19 of those 24 years serving as CEO in the Seychelles, Channel Islands and Isle of Man, and most recently in Jamaica.
David Kelham will be appointed as CFO-designate. Mr Kelham has spent 12 years working in telecoms related companies and has 20 years’ experience as a Financial Director or CFO.
David Shaw, CEO of LIME, CWC’s Caribbean Business said: “Today represents a fresh start for BTC, with the beginning of a new partnership. We wish to thank the Government of The Bahamas, the Privatization Committee and the people of The Bahamas for giving us this opportunity. Most importantly, we want to welcome BTC staff to the CWC family. They have done an excellent job in difficult circumstances over the past few months and remain the lifeblood of this business.”
“Geoff and David bring a lot of experience to the executive team and will help cement this new partnership. I would like to thank Kirk Griffin for his support during the due diligence process. I am pleased that he has agreed to stay on as an advisor to the business and the Board.”