PUC Holds the Cards as BTL–Speednet Deal Shrinks and Retruns for Review

Tonight, the Public Utilities Commission is finally responding to questions about the proposed BTL–Speednet buyout, but they’re keeping many of the details close to the vest. While the commission says it can’t discuss its deliberations, the final decision on whether this merger goes through rests squarely with them. Since BTL first applied back in January to purchase four companies, the deal has shifted dramatically, three of those companies have now pulled out. That means for anything to move forward, BTL will have to go back to the drawing board with a new, updated application. Today, we heard from Internal Legal Counsel Stacy Grinage and Communications Affairs Manager Sheena Garnett.

 

Stacy Grinage, Internal Legal Counsel, PUC

“I must say first that is a current and active matter before the commission and as such we are prohibited from having any public discussions about that. But I can say that what is before the PUC is an agreement for the purchase of shares.”

 

Reporter

“Can you explain what process the PUC is going to go through to approve or deny?”

 

Sheena Garnett, Communications Affairs Manager, PUC

“As it relates to your question as to what is the process for the proposed BTL and Speednet acquisition, to reiterate what Ms. Stacy said that it is a live case that is in front of the PUC and as you may be aware that the PUC and the decision we make are quasi judicial and we are unable to comment until a final decision is made on whatever has been submitted in front of us for review. The first thing that needs to occur is the PUC receives documentation of whatever the intent or what that agreement is. Once we have received that information the PUC will review that document and whatever the Telecommunications Act prescribes for us to do we will continue that process. So if it is prescribed that we are to go to public consultations then we will follow what the regulation say. So, what we can speak on right now is that we had received a document and there has been a lot of changes from that initial document and we need to just receive whatever is that final submission from the party that is interested for the proposed acquisition.”