The board of WestTel Limited, which trades as Logic, approved a share purchase agreement to acquire TeleCayman Limited. At the moment, TeleCayman is 100 per cent owned by Bermuda-based Javelin Connections Bermuda Ltd.
Logic, which provides voice, data and LogicTV services to businesses and residents in the Cayman Islands, is a wholly owned subsidiary of KeyTech Limited, also a Bermuda registered company.
The acquisition is subject to regulatory approval from the Cayman Islands Information and Communications Technology Authority. WestTel seeks to amalgamate TeleCayman with Logic once the ICTA approval has been granted.
Logic is looking to solidify its position in the Cayman Islands telecommunications market, said Mike Edenholm, chief executive officer of Logic. “With the purchase of TeleCayman Limited, Logic will have a significantly larger fibre footprint enabling us to service more customers over a larger area of the island. Currently, both companies offer similar products and services so the transition to Logic will be seamless for customers,” Mr. Edenholm added.
Greg Swan, chief executive officer of TeleCayman Limited said, “Javelin has negotiated the sale of all of the shares of TeleCayman Limited to WestTel Limited subject to ICTA approval. Recognising that the market in Cayman is small and that the investment in fibre technology to grow the business is large, Javelin sought a buyer that understood the benefit of consolidating the market,” he said. “We firmly believe that this transaction with WestTel will benefit the telecommunications sector in Cayman and that our customers will continue to receive the quality of service that they have come to expect.”
There will be no immediate changes for TeleCayman’s customers and all contact and service numbers will remain the same until the necessary regulatory approvals have been received. Logic also said there will be no service disruptions and the company will honour all existing customer agreements.