Press release: KeyTech to acquire controlling interest in CableVision

Monday, July 28, 2014 4:00 PM

The KeyTech Group of Companies (KeyTech) is pleased to announce that it is entering into an agreement for its subsidiary, WestTel Limited, doing business as Logic in the Cayman Islands (Cayman) to acquire British Overseas Territory Cable & Telecommunications, Ltd. (BOTCAT), a company incorporated in Cayman.

BOTCAT owns WestStar TV Limited in Cayman and a significant interest in CableVision Holding Ltd. in Bermuda. Following completion of the acquisition, KeyTech will have a controlling interest in Bermuda CableVision Limited.

In addition, KeyTech will be simultaneously entering into an agreement to sell 100 percent of its interest in The Bermuda Telephone Company Limited (BTC) to Barrie OpCo Limited an investment group with extensive experience in the telecommunications sector.

KeyTech CEO Lloyd Fray says: “We are excited about these transactions as they are the right strategic fit for the long-term growth of the company. It allows our Group to expand and focus its investments, in the best interest of all stakeholders, in both Bermuda and Cayman.”

Roy Graydon, Director of Barrie OpCo Limited, says “We are thrilled to have this opportunity to invest in Bermuda. We are confident that an independent BTC has a bright future as a thriving part of the Bermuda telecommunications landscape.”

The transactions remain subject to a number of conditions including regulatory approvals in Bermuda and Cayman.

END

There was no immediate comment from WestStar although they did make the announcement on the CITN/Cayman27 newscast Monday evening.

On the Cayman27 website it says:

“Logic and WestStar are in the midst of a four-way race to install high-speed fibre networks across Grand Cayman. The other players in the industry are LIME and C3.

“Indications are that it is too early to say what impact, if any, there will be on jobs. No timelines were provided about how soon a final agreement is expected.”

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