Speednet Reacts to Cabinet’s Rejection of BTL Acquisition
Speednet Communications Ltd. issued its first public response after Cabinet announced it would not support BTL’s proposed acquisition of the company.
Speednet said BTL had approached the company with acquisition offers twice, once in 2022 and again in mid-2025. BTL walked away from the first round of talks after gauging public sentiment, and Speednet says that same opposition only intensified in the months since, ultimately shaping Cabinet’s decision to reject the deal outright.
Speednet says the rejection now triggers several regulatory changes for BTL. Government ministries will be required to put telecommunications contracts out to public tender, giving Speednet and other providers fair access to compete for government business. The Public Utilities Commission is also expected to formally declare BTL a dominant market player, a designation that would legally require BTL to comply with rulings meant to level the competitive playing field, including the possible removal of surcharges Speednet says BTL has imposed on competitors. BTL will additionally be required to share its telecommunications infrastructure with competitors at cost, with the PUC and the courts responsible for enforcing compliance.
Speednet credited public backing, including from the Belize Chamber of Commerce and Industry, labor unions, media, and civil society, for the outcome, and said it plans to invest in new technology and infrastructure to expand its services going forward.
Cabinet’s decision, announced Wednesday afternoon just before News Five’s broadcast, came after weeks of mounting opposition from unions, the private sector, and the public. In its release, Cabinet acknowledged the deal had become a matter of national concern, noting that government, the Social Security Board, and the Belizean people collectively hold majority ownership of BTL.
Speaking exclusively to News Five moments after the announcement, Prime Minister John Briceño said the decision followed a structured consultation process, one that broke down when the NTUCB and the Belize Chamber of Commerce and Industry declined to engage.
“We had set up a process. On Tuesday we had Social Security, PSU, and BTL to Cabinet so that they can explain their thought process and why they believe this merger makes sense and is important to them. Cabinet had the opportunity to ask all the questions. It is important, we believed, and incumbent on us to listen to NTUCB and the Chamber. It is unfortunate that they decided that they did not want to speak to us, or making requests that was beyond our control,” Briceño said. “Since we were unable to meet with them, or I believe they did not act in good faith, this morning I started to consult with a few members of Cabinet, and while there is a general consensus that this makes good business sense, Cabinet felt that it does not make sense to be able to get into a back and forth with people that refuse to engage constructively. So we felt that it is best to advise BTL that we should not proceed with the merger.”
Pressed on whether the reversal amounts to government bowing to public pressure, Briceño acknowledged the political sensitivity of his own position, given his brother’s connection to the deal. “We represent the people and we must listen at all time. There are times we believe we need to make informed decisions, and at times you feel that it is not worth it, and in this instance I am in an unenviable position because my brother is involved, so I can’t say much. I can’t deal with it much. So I am of the opinion that it is best to leave it as it is. So I am sure BTL will inform Speednet that we will not proceed with the acquisition.”
Opposition Leader Tracy Panton welcomed Cabinet’s reversal but cautioned Belizeans against standing down, warning that the deal isn’t officially dead until the PUC and other regulators formally close the door on it. “The power lies in the hands of the people. The voices of the people matter. And if we have not taken anything from this experience, is that when the people come together, it forces a government to listen to the collective wisdom of the people,” Panton said.