TBi Acquires WoW’s ‘Business & Certain Assets’
TBi has ”acquired the business and certain assets” of WoW, with TBi saying they “have an exciting vision to take the company to new heights.”
A spokesperson said, “TeleBermuda International Limited [TBi] today announced that it acquired the business and certain assets of World on Wireless Limited [WoW], acting by its Joint Provisional Liquidators [JPLs], Michael Morrison and Charles Thresh of Teneo [Bermuda] Limited [Teneo].
“WoW is a Bermuda-based provider of quality high-definition television subscription services. TBi is a local “Class-A” carrier of competitive international long-distance voice, internet, and IPTV services. Since its launch in 1997, TBi has proudly provided diverse, affordable, high-quality telecommunication products and services to the Bermuda market.”
TBi President Lee Greene said, “This strategic acquisition allows us to leverage synergies between both WoW and TBi. TBi will build on WoW’s core competencies to develop its position as a premier provider of innovative products and services. This deal also ensures that the WoW business remains Bermudian-owned and operated.”
He added: “To provide a seamless transition for clients, the WoW office will remain in the TBi Customer Service Center on Church Street in Hamilton [across from the bus terminal]. I look forward to working with WoW’s dedicated team to infuse much-needed capital and human resources into the operation. We have an exciting vision to take the company to new heights.”
Charles Thresh, Head of Financial Advisory, Bermuda for Teneo, commented: “We are delighted to have completed the sale of WoW’s business and certain assets to TBi, securing the future of the WoW business and continuity of service for customers. We wish TBi every success with its new venture.”
“WoW clients will receive direct communications regarding this acquisition. There is no anticipated immediate impact on their subscription accounts,” the announcement said. “Carey Olsen Bermuda Limited acted as legal advisors for WoW and the JPLs. Benedek Lewin Limited represented TBi.”
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