BTL Chairman Defends Speednet Deal After Cabinet Presentation
BTL Chairman Mark Lizarraga left today’s cabinet meeting saying the board faced a lot of questions, and he believes they answered them. Speaking to News 5 afterward, Lizarraga defended nearly every angle of the proposed Speednet acquisition, from pricing to the prime minister’s family ties to the deal.
Lizarraga said the presentation was meant to correct misinformation circulating in the media while confirming BTL has committed to a rate freeze through December 2028.
“We have a system that can do a million people. Our system is only holding two hundred and twenty-five thousand. Smart has one hundred thousand. Even after consolidation, we’ll only be using thirty-something percent capacity. Why have two systems? Consumers pay for having two systems, two sets of fibre, and two sets of towers. The industry is inefficient. We’re over-capitalised.”
On why BTL relied on just one year of Speednet’s audited financials rather than the five years social partners want, Lizarraga said BTL cross-checks those numbers independently through its own network data, tracking usage and revenue per customer across Speednet’s traffic.
He rejected concerns that the deal would create an illegal monopoly, pointing to the Mobile Virtual Network Operator model, which allows other companies to run telecom brands on BTL’s infrastructure, as a built-in safeguard.
Lizarraga confirmed the negotiated price sits at eighty million dollars, pending final due diligence, to be repaid over 4.2 years. He dismissed fears that BTL could use control over Speednet to pressure media outlets critical of the government and pushed back on claims the board acted before securing proper public consultation or Public Utilities Commission approval.
“We can’t do that. The law is very clear. We need to have the PUC’s approval. We’re not in the business of doing illegal stuff. We haven’t landed there yet. We’re still working on warranties and representations, buyer protection.”
Asked about the Prime Minister’s family stake in the deal, Lizarraga insisted the transaction predates current politics and that the board doesn’t factor politics into its decisions. “This is a business transaction that was contemplated way back from 2018. Personalities aside, this is strictly business.”
Full interview tonight on Nes 5 Live at 6 o’clock.