BTL Board Greenlights $80M SMART Acquisition Plan
Belize Telemedia Limited’s Board of Directors has approved moving forward with the proposed acquisition of Speednet-SMART.
BTL announced in its latest statement that its Board approved the proposed purchase of 100% of Speednet’s issued share capital during a meeting held today, August 4. The approval, however, is conditional on the completion of continued due diligence and the negotiation of representations, warranties and other contractual protections for BTL as the buyer.
“The proposed acquisition represents a strategic investment in Belize’s digital future,” the company said as it doubled down on its position that the $80 million deal will cut infrastructure duplication and expand rural connectivity.
BTL says the deal requires no borrowing and no additional Social Security Board (SSB) investment. News 5 confirmed this with the Chair of the SSB, Dr. Sheree Smiling-Craig, who said, “Yes, SSB is not making an additional investment in BTL.”
“Over the last 2 months, SSB conducted thorough analysis and research of the merits of the acquisition. SSB believes the acquisition has the potential to strengthen BTL’s market position and enhance the long-term value of SSB’s investment for the benefit of contributors and beneficiaries,” Smiling-Craig added.
Based on current projections, BTL estimates a discounted payback period of approximately 4.2 years.
BTL says it remains committed to “constructive engagement” with government, the Public Utilities Commission (PUC), and stakeholders going forward.
But the decision lands a strong opposition from the Belize Chamber of Commerce and Industry (BCCI) and the National Trade Union Congress of Belize (NTUCB), both of which have raised concerns about the transaction’s financial due diligence, transparency, competition implications and the need for broader consultation.
NTUCB President Ella Waight said days before the vote that no outcome would change the union’s position. “The overall finalised decision has to be no,” Waight said.