TMCnet News
ICTA approves KeyTech acquisition of Botcat Holdings [TeleGeography CommsUpdate](TeleGeography CommsUpdate Via Acquire Media NewsEdge) Cayman Island's telecoms regulator, the Information and Communications Technology Authority (ICTA), has approved a request from Bermuda-based KeyTech Holding Limited, which owns domestic broadband operator Logic Cayman (WestTel), to acquire Botcat Holdings, the parent company of domestic telecoms operator WestStar. However, the transaction is still understood to be subject to a number of conditions, including regulatory approvals from the relevant authorities in Bermuda.*As previously reported by TeleGeography's CommsUpdate, KeyTech Holding entered talks to acquire BotCat in July 2014. A press statement read: 'Botcat owns WestStar TV Limited in Cayman and a significant interest in CableVision Holding Limited in Bermuda. Following completion of the acquisition, KeyTech will have a controlling interest in Bermuda CableVision Limited.' Subsequently, the ICTA published a notice in the official gazette, stating that consent for the transfer of ownership 'should not be unreasonably withheld' and invited all interested parties to submit their comments on the topic by 14 August 2014, with Cayman Islands telco Cable & Wireless, which operates under the LIME banner, and Infinity, which trades as C3, both responding to the notice. Although LIME pointed out that it did 'not object to the transfer per se', it did note that the transaction will raise a number of significant issues that must be addressed before final approval, if sustainable competition is to continue to develop in local telecoms markets, including dominance of the market for cable TV distribution services, fibre network rollout commitments and spectrum holdings. For its part, Infinity objected to the transfer on the grounds that KeyTech Holdings is based in Bermuda, and ICTA should instead 'strongly encourage' Caymanian ownership. (c) 2014 PriMetrica, Inc. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |