KeyTech subsidiary to acquire TBi sister company in Cayman Islands
KeyTech subsidiary WestTel has agreed to acquire TeleBermuda International’s sister company TeleCayman to expand its fibre footprint in the Cayman Islands.The deal sets up WestTel/Logic to become an even bigger player in the Cayman telecoms sector against rivals Cable & Wireless’s LIME and WestStar--- Digicel being LIME’s key competitor. LIME stands for Landline, Internet, Mobile and Entertainment.The board of WestTel Limited, doing business in the Cayman Islands as Logic, says it approved a share purchase agreement to acquire TeleCayman, owned by Bermuda-based Javelin Connections Bermuda, also TBi’s parent. The purchase price was not disclosed.“Logic is looking to solidify its position as the market leader for telecommunications in the Cayman Islands,” said Mike Edenholm, CEO of Logic in Cayman.“With the purchase of TeleCayman Limited, Logic will have a significantly larger fibre footprint enabling us to service more customers over a larger area of the island. Currently both companies offer similar products and services so the transition to Logic will be seamless for customers.”The acquisition is subject to regulatory approval from the Cayman Islands’ Information and Communications Technology Authority (ICTA). TeleCayman will be amalgamated with Logic after ICTA approval has been granted.“Javelin has negotiated the sale of all of the shares of TeleCayman Limited to WestTel Limited subject to ICTA approval,” said TeleCayman CEO Greg Swan, who is president and COO of TBi.“Recognising that the market in Cayman is small and that the investment in fibre technology to grow the business is large, Javelin sought a buyer that understood the benefit of consolidating the market. We firmly believe that this transaction with WestTel will benefit the telecommunications sector in Cayman and that our customers will continue to receive the quality of service that they have come to expect.”No immediate changes for TeleCayman’s customers are expected and all contact and service numbers will remain the same until the necessary ICTA regulatory approvals have been received.There will be no service disruptions and Logic will honour all existing customer agreements.Logic provides voice, data and LogicTV services to businesses and residents of the Cayman Islands.