Two Cable Companies Withdraw from BTL Acquisition Talks

Two of the three cable television companies that had been in acquisition talks with Belize Telemedia Limited, BTL, have now formally withdrawn from negotiations.  Central TV & Internet Limited and the Centaur Group of Companies both confirmed their decisions in separate letters addressed to BTL Chairman Markhelm Lizarraga, dated January 11.  In its correspondence, Central TV & Internet acknowledged that discussions with BTL had spanned more than seven years under successive boards and management teams. The company said it had reluctantly agreed to consider a sale based on what it described as fair value, viewing consolidation as a means to enhance revenue generation, achieve economies of scale, optimize network utilization, and deliver long-term benefits to BTL, its shareholders, and the wider Belizean economy. Central further indicated it had even been prepared to consider a structured payment arrangement over time. However, the company said it ultimately decided to withdraw from negotiations, citing recent developments including personal and reputational attacks in the media that it said were unrelated to the commercial merits of the deal. Central nonetheless expressed appreciation for what it described as the professionalism of BTL’s management during the process.  Similarly, the Centaur Group of Companies confirmed that, after reflection and consultation, it had taken what it described as a difficult decision to withdraw from the proposed acquisition talks. Centaur emphasized that its decision was not driven by a reassessment of the commercial rationale or valuation of the transaction. Instead, the group pointed to broader external and political considerations that emerged during the process, as well as what it characterized as disproportionate personal and reputational burdens associated with continuing negotiations at this time. Centaur stated that, despite withdrawing, it maintained respect for BTL, its board, and its leadership, and acknowledged the constructive dialogue that had taken place.  With these withdrawals, two of the three cable operators, that were reportedly engaged in discussions with BTL, are now no longer at the negotiating table, raising fresh questions about the future direction of BTL’s proposed consolidation strategy in the cable and internet sector.  BTL has not yet publicly commented on the latest withdrawals.