Regulatory Authority Approve ATN/KeyTech Deal

April 15, 2016

According to the minutes of the Regulatory Authority’s meeting held earlier this month, they have approved the ATN and KeyTech deal, and it will now head to the Minister for final approval.

The minutes said, “It was resolved that the joint notification filed by ATN and KeyTech seeking the Authority’s approval of a proposed concentration pursuant to the Regulatory Authority Act 2011 [RAA] Section 87[3] which would result in ATN becoming the ultimate majority shareholder [51%] of KeyTech and its subsidiaries and affiliates be approved.”

“It was further resolved to approve the release of the final decision to the Minister for approval and management was Authorized to take all necessary steps to release and publish the Final Decision as soon as possible after all necessary Ministerial approvals.”

Back in October of last year, shareholders voted in favour of exchanging a 51% interest in KeyTech for ATN’s shares in CellOne and approximately $42 million in cash, and once complete, the transaction will bring together CellOne’s services with Logic’s brand.

The RA’s meeting minutes follows below [PDF here]:

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Comments (5)

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  1. George says:

    Yeah! Another duopoly! Bermuda can only benefit from this merger right?

  2. Um.... says:

    I’m not sure how the RA allowing two foreign companies to buy over 80% of our telecoms infrastructure creates more competition. But I guess they had to allow this deal to go through in order to create some competition for Digicel.

  3. Why says:

    Why is private internet still slower in Bermuda than public wifi overseas!?!

    Open up the fibre port. You lot are too greedy!

  4. some beach says:

    So key tech cell one…atn?(whose the hell are they?),key tech is btc…then btc is digicel….this is definitive monopoly….sell be boardwalk and railroads please!