Bermuda CableVision is to merge with Logic Communications Ltd.

The news was announced today by telecommunications group KeyTech Ltd, Logic’s parent company, after it secured ownership of 100 per cent of CableVision’s shares.

The CableVision name will disappear as the combined company will branded as Logic.

KeyTech was already the majority owner of CableVision’s shares, but after a special shareholder meeting yesterday it completed the buyout of all minority shareholders.

In the run-up to the meeting, some of the minority shareholders voiced concerns that KeyTech subsidiary Wansunt’s offer of $13 per share significantly undervalued the television and internet provider.

KeyTech chief executive officer Lloyd Fray said: “The transaction positions Logic for future growth as it brings together Bermuda’s premier internet service provider and cable access providers. In order for these companies to meet growing consumer demand for high bandwidth products, one bill, and to expedite capital intensive projects for network expansion and upgrades, we felt it was prudent for KeyTech to acquire 100 per cent of the Cablevision shares and to merge these two entities.

“The combination of Logic and Cablevision will create a ‘triple play’ telecommunications provider that is supported by a robust network with superior customer service that caters to both corporate and residential customers.”

Both CableVision and Logic’s existing customer service centres will continue to operate under the Logic brand.