Lord Ashcroft Backs BTL-SMART Deal, Details Proposed 80 Million Dollar Sale

For decades, Lord Michael Ashcroft has been a central and often controversial figure in Belize’s telecommunications sector, shaping policy debates, court battles, and public opinion. On Monday, Ashcroft again entered the spotlight, issuing a statement in support of Belize Telemedia Limited’s proposed acquisition of Speednet Communications Limited, also known as SMART.  In a press release dated yesterday, the Office of Lord Ashcroft clarified that Speednet is 77.5 percent owned by the Waterloo Group Charitable Trust, with the remaining shares held by Jaime and Renan Briceño. Ashcroft stated that he has no economic interest in the Trust and said the disclosure was made to allow the proposed transaction to withstand public scrutiny.  The release outlines a proposed purchase price of eighty million dollars, with ten million dollars to be paid in cash and the remaining seventy million through four-year loan notes issued by BTL at an interest rate of four-point-five percent. Ashcroft also emphasized that the Speednet transaction is not conditional on BTL acquiring any cable companies and that the Trust has no involvement in those negotiations.  According to the statement, combining BTL and Speednet would increase cash generation, reduce duplicated operating costs, and strengthen BTL’s ability to compete with emerging global providers such as Starlink. The release further claims consumers would retain existing services, with any pricing changes subject to regulation by the Public Utilities Commission.  The statement comes as BTL’s broader acquisition strategy faces mounting public and political scrutiny, underscoring once again the sensitivity surrounding telecommunications policy in Belize.