July 28, 2014 at 7:00 p.m.

KeyTech to acquire controlling interest in CableVision

KeyTech to acquire controlling interest in CableVision
KeyTech to acquire controlling interest in CableVision

By Press release- | Comments: 0 | Leave a comment

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.


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