BTC Privatisation Complete
Cable & Wireless Communications Plc (CWC) today announces that all conditions and requisite approvals to purchase a 51% stake in the Bahamas Telecommunications Company (BTC) have been satisfied and obtained. Consequently, CWC is pleased to announce that it has today completed the transaction and has taken management control of the business. BTC is the first major Government service to undergo privatization in the nation’s history.
CWC signed agreements on 9 February with the Government of the Commonwealth of The Bahamas to acquire the majority interest in BTC for US$210 million.
As stipulated in CWC’s agreement with the Government, it has appointed a new Chief Executive Officer (CEO).
Geoff Houston has been appointed CEO of BTC. Mr Houston has worked in the telecom industry for 24 years, 19 of those with CWC. He has served as CEO of CWC’s businesses in the Seychelles, Channel Islands and Isle of Man, and most recently Jamaica.
David Kelham will be appointed as CFO-designate. He has spent 12 years working in telecoms related companies and 20 as a Financial Director or CFO.
Mr Houston takes over from Kirk Griffin, outgoing Acting President and CEO of BTC.
He will remain with the company in an advisory role during the transitional period.
David Shaw, CEO of LIME, CWC’s regional operation, said:
“Today represents a fresh start for BTC, with the beginning of a new partnership. We wish to thank the Government of The Bahamas, the Privatization Committee and the people of The Bahamas for giving us this opportunity. Most importantly, we want to welcome BTC staff to the CWC family. They have done an excellent job in difficult circumstances over the past few months and remain the lifeblood of this business.”
“Geoff and David bring a lot of experience to the executive team and will help cement this new partnership. I would like to thank Kirk Griffin for his support during the due diligence process. I am pleased that he has agreed to stay on as an advisor to the business and the Board.”