BTL Formally Withdraws Proposed SMART Acquisition

Belize Telemedia Limited (BTL) has formally withdrawn its submission to the Public Utilities Commission (PUC) regarding its proposed acquisition of Speednet Communications Limited, effectively ending the regulatory process for the transaction.  In a letter dated August 24, BTL Chief Financial Officer Ian Cleverly informed the PUC that the company no longer intends to proceed with the acquisition. The withdrawal follows Cabinet’s decision earlier this month not to support the proposed purchase of Speednet, which operates under the SMART brand. The transaction had also faced objections from unions and other stakeholders over its financial implications and the level of consultation involved.  BTL maintained that it pursued the acquisition in good faith to strengthen the telecommunications sector, improve efficiency, encourage investment and innovation, and deliver greater value to consumers. However, the company said it would no longer proceed because of what it described as a change in circumstances.