KeyTech To Sell 100% Of Interest In BTC
The KeyTech Group of Companies announced that it is entering into an agreement for its subsidiary, WestTel Limited, doing business as Logic in the Cayman Islands [Cayman] to acquire British Overseas Territory Cable & Telecommunications, Ltd. [BOTCAT], a company incorporated in Cayman.
In addition, the company will have a controlling interest in Bermuda CableVision, and will sell 100 percent of its interest in The Bermuda Telephone Company Limited [BTC].
BOTCAT owns WestStar TV Limited in Cayman and a significant interest in CableVision Holding Ltd. in Bermuda. Following completion of the acquisition, KeyTech will have a controlling interest in Bermuda CableVision Limited.
In addition, KeyTech will be simultaneously entering into an agreement to sell 100 percent of its interest in The Bermuda Telephone Company Limited [BTC] to Barrie OpCo Limited an investment group with extensive experience in the telecommunications sector.
KeyTech CEO Lloyd Fray [pictured] says: “We are excited about these transactions as they are the right strategic fit for the long-term growth of the company. It allows our Group to expand and focus its investments, in the best interest of all stakeholders, in both Bermuda and Cayman.”
Roy Graydon, Director of Barrie OpCo Limited, says “We are thrilled to have this opportunity to invest in Bermuda. We are confident that an independent BTC has a bright future as a thriving part of the Bermuda telecommunications landscape.”
The transactions remain subject to a number of conditions including regulatory approvals in Bermuda and Cayman.
Another one bites the dust!
Or is reborn – could go either way. New blood in BTC is its only chance.
more Bermudians will loose jobs because the btc part of keytech has 2 unions biu and bpsu and the retired staff will loose all benefits
HUH????
Please explain…
Another one bites the dust??? What part of an outside company willing to invest in BDA did you miss??? This will bring much needed foreign capital along with lift to ther outside investors!!!!! We cannot survive without outside money and this is more roof the OBA are making investors feel comfortable, huge difference from the plp days of terror!!!
Lift to other outside investors
“We cannot survive without outside money”
You positive about that? Or does “we” include your standard of living?
Come correct – Explain how we survive without foreign caoital please.
@Come Correct
Pretty much all we buy in Bermuda is imported. Food, Energy, Consumer goods, Industrial goods. (save some local vegetables).
To bring it on the island results in our dollars going overseas and leaving the country for good. (Like a bucket with a hole in it, the water being the money in Bermuda).
If the island receives no money in (water going in), then eventually the island will run out of money (the bucket will run dry, because the constant outflow of water).
Money comes in through International business feeding through to Bermuda (via wages, support service spends, rents and employee living expenses) and Tourism dollars (overseas folks spend money in Bermuda). All that foreign money coming in keeps the bucket from going empty.
We could argue for deep sea mining, but we would again require foreign investment to do that.
Please explain how your Bermuda works without foreign investment/monies.
kangoocar if the oba put sh==t on your plate you would eat it up
Too Big
Too Slow
Too Fat
Too Inflexible
Too Greedy
BELCO is next
And they will ruin Cable Vision
Bermuda is for sale!!
A quick internet search revealed the following. Barrie OpCo Ltd. is a local Bermuda company that was recently incorporated by Wakefield Quin. They also incorporated Barrie Holding Limited (also a local company) which will probably hold the shares of Barrie OpCo Ltd.
Roy Graydon is an Operating Partner in Fraser MacKenzie Merchant Capital (FMCC) which is located in Toronto, Canada. FMCC appears to have 2 funds and Mr Graydon is an Operating Partner of the Buyout Fund so we can assume that Barrie Holdings Ltd is owned by the Buyout Fund. I couldn’t find out much information on FMMC and their website is very incomplete and under construction. There is an article about a company named Fraser MacKenzie Limited a small investment broker in Canada that closed shop in 2013. It looks like FMMC emerged from “the ashes” of Fraser MacKenzie Ltd. since several of the principals of the two companies are the same. It looks like these guys are primarily investment professionals.
Here is the information on Mr Graydon on their website:
Roy Graydon – Roy is an experienced executive who can operate seamlessly in both public and private markets, operations and finance and who specializes in turn-arounds, strategy & direction, leadership & motivation, oversight & planning, and acquisitions & divestitures. Over the past 20 years, he has been CEO, President, CFO, and board member of several publicly traded companies, an institutional investor, and trusted M&A advisor.Roy is currently the President and CFO of Fibernetics Corporation, a 150 person-strong Canadian CLEC and ISP. Previously, as the President and CEO of Aeroquest International, in just three years Roy led the transformation of that company from a small, $8M /year business with only one product and operating in only one country, to a global business generating over $50M /year in revenue providing a diversified suite of products and services and operating on every continent in the world. While EVP & CFO of Call-Net/Sprint Canada, Roy drove the successful re-engineering of the company’s balance sheet and its re-engagement with the investment community. Using a combination of asset securitization, equity issue and the re-purchase of publicly-traded debt at a discount, the business was successfully recapitalized and ultimately sold. Prior to that, Roy was at Ontario Teachers’ Pension Plan, where he founded their Relationship Investing activities.Roy has extensive experience as a board member of both public and private companies, including Cabo Drilling Corp. Aeroquest International Limited, Patheon Inc., Call-Net Enterprises Inc., Macdonald Dettwiler & Associates Ltd., International Comfort Products Corporation, and Cybersurf Corp.Roy has an MBA (Richard Ivey School of Business) and a B.Sc. in Geophysics (University of Western Ontario). His community interests focus around education, especially in science and technology. Roy served for six years on the Board of Trustees of the Ontario Science Centre, three of those as its Vice Chair.
We have sold off our banks and it appears we are now selling off our utilities. Key Tech has too much control of our telecomunications market since they bought Northrock and own a major piece of Cablevision. The Regulatory Commission cant be very happy with that concentration of power so this sale is probably a good thing.
Keytech should have taken the $17 per share offer in 2006! Horrible Management team based on declining that offer.
I agree.
So let me see if I can cut through the gobbledygook in this press release. KeyTech is selling the phone company and buying the cable company, plus doing some stuff in the Caymans that nobody really cares about? Is that the substance of this?
I’m not entirely sure, but what I do know is cable vision already falls under keytech. I could be wrong but what it sounds like is now they plan to have majority shares. If, and I say if, this is the case, they will do what they did to northrock. There are 6 northrock employees left of 30 something. They buy out the competition and it’s assets and leave the liabilities high and dry, and when I refer to assets and liabilities, it’s what they deem them to be. Anyone on wireless internet from northrock now knows they’re service is a liability.
So keytech will have a controlling interest in cable vision as well as logic tv…2 of the 3 local providers?
“We are thrilled to have this opportunity to invest in Bermuda.” hoping to get much much more than what we put in…lol
Lawd it was going to happen. Its a wrap. Now can I get some real bandwidth.
Now can Link Bermuda do its thing!
link will soon be gone
Btc really Nice move. Sold a lemon to the foreigners.and now takeing all their revenue through cable offerings. Big time suckers.
Wow Bermuda lets sell the who island. Between the lay offs and the selling out to Overseas investors, Bermuda is in some serious trouble . Overseas investors are cleaning up, Bermuda is so not for Bermudians anymore. Soon locals are not going to have a say in there own country if we stay on this course.
There is no reason why “Bermudians” aren’t/weren’t shareholders (i.e. have a say) in KeyTech (and BTC before that)…..
60/40 rule
60/40 selling of Bermuda
Foreign Direct Investment is crucial to the economic well being of this country.
Either we compete or get out of the way.
The writing has been on the wall for a while. Remember the business stratgy change, the down sizing and staff lay offs, that was all part of this business making its self more attractive to potential buyers. Too top heavy, BIU issues, poor service, slow delivery etc. Im glad that I moved on 10 years ago. Too all my former colleaques and friends,there is life after BTC.
Bda continues to sell its self to offshore companies and corperations.
Its all about survival these days, sick and injured fish get eaten up by the bigger fish.
Good luck to all.
Remarkable. BTC sold to a company incorporated 4 weeks ago – with a single named shareholder.
So –
Where’s the Dept of Telecommunications due-diligence report?
What happened to the 60/40 rule?
Looks and smells like someone’s wet the bed with this one!
Meanwhile, KeyTech retain their controlling interest in Cablevision. New platform/infrastructure and lower operating costs with which to launch next gen services.
Prepare to see BTC parted out, piece by piece. Or it’ll be leveraged as an asset to secure funding for other projects and then saddled with the resultant debt.
This is, after all, what venture capitalists do.