RA Seek Feedback: Horizon Change Of Control

February 9, 2021

The Regulatory Authority [RA] is inviting the public to provide feedback regarding the Change of Control request submitted by Wave Bermuda Ltd, trading as Horizon Communications.

The Regulatory Authority said, “Please be advised that the Horizon Communications Change of Control public consultation is open for feedback until 11:59 p.m. on Tuesday, February 16, 2021. Click here to access the document or visit www.ra.bm to submit your response to this consultation.”

The document notes that Horizon is the holder of an Integrated Communications Operating Licence [ICOL], which was issued in September 2020.

“The RA has received a notification from Wave requesting its authorization of a change in control of Horizon to Fortress Bermuda H Investor LLC [FBH] through the subscription by FBH for newly issued shares such that FBH would obtain a controlling interest in Horizon,” the document states,

“This is part of a financing arrangement whereby the proceeds of FBH’s investment would be utilized by Wave to fund the implementation of its business plan and budget.”

The Change Of Control Request Public Consultation follows below [PDF here]:

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Comments (10)

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  1. Kim Smith says:

    I hope someone is able to follow all of this? Which is the company that the Infrastructure Fund is investing in?

  2. Joe Bloggs says:

    “Fortress Bermuda H Investor LLC” cannot be found in a Google search. With Bermuda companies the Government website typically reveals the directors of the company.

    “Fortress Bermuda H Investor LLC” does not appear on the Registrar of Companies website: https://www.roc.gov.bm/roc/rocweb.nsf/public+register/f+public+companies

    The appearance is that Horizon maybe is being sold to foreigners without us being told.

    • Gilbert A. Darrell says:

      The Bermuda Infrastructure Fund is a local entity formed from the investment of a number of local companies. Fortress is the fund manager as they have expertise to managing investment funds.

      • Smell test says:

        Smells a little fishy to me! Companies not incorporated in Bermuda running infrastructure projects? Not happening- I will take it up with the Premier!

      • Ster08 says:

        Mr Darrell, can you explain this comment from David Burt – In the event that the Management Fee is less than $500,000 in a semi-annual period the Government must pay the difference. The amount paid by Government will represent an interest in the Fund- this appears to mean that Government could potentially own a share of a company that has controlling shares of a communication company (with an ICOL) and will be able to compete with private companies. Is that safe to say?

        • Smells fishy says:

          Again this all smells like another handout from US the taxpayers!! Government and Mr Darrell should not be in partnership like this! Smells foul!

        • Gilbert A. Darrell says:

          Hello Ster08,

          I am not privy to the exact terms of the infrastructure fund, but in general the Bermuda Government has ownership interest (sometimes by default) on businesses, properties and other endeavors across Bermuda including in infrastructure.

          Horizon is proud and excited to be working with the Bermuda Infrastructure Fund to be a locally owned and operated telecommunications company who’s sole objective is to bring great internet services to the country.

  3. Concerned says:

    I’ve seen a lot of fundraising and bold claims from this company but no real traction. What’s happening?

  4. Ster08 says:

    We were all privy to the terms of the fund as Premier Burt explained it clearly enough. Do you then agree that a company that is competing with other private companies should be potentially owned by the Bermuda Government?

    If this is the case, then ALL companies in that same category should have the same opportunity to receive funds to improve their own infrastructure to ensure that there is no favourtism and price fixing in biddings, etc.