Logic buyout of WestStar signed

Cayman cable company WestStar has been bought out by rival Logic in a multimillion-dollar deal. 

Bermuda-based KeyTech Group of companies confirmed that the sale had gone through on Wednesday afternoon.  

The move, first proposed in July, will merge two of the biggest television and broadband Internet providers in Cayman. 

The implications for the staff at Television Centre were not clear as of press time on Wednesday. 

The cost of the buyout was not revealed by either company. KeyTech said in a statement that it was taking on US$69 million in debt and issuing 2.424 million shares, currently worth roughly US$10 million, to WestStar’s parent company in order to complete the deal. 

“The KeyTech Group of Companies today announces that its subsidiary, WestTel Limited (Logic Cayman), doing business in Cayman, has acquired British Overseas Territory Cable and Telecommunications, Ltd, a company incorporated in Cayman,” the statement released on Wednesday said.  

“BOTCAT owns WestStar TV Limited in Cayman and an interest in CableVision Holding Ltd. in Bermuda,” it continued. 

Logic and WestStar are currently competitors in the high speed broadband and television market. 

KeyTech CEO Lloyd Fray suggested the Logic branding would be retained, saying the move positions the company as the market leader in both territories. 

“In Cayman, this acquisition will position Logic as the largest provider of subscription television while they continue to build their fiber to the home network and convert customers to high speed broadband services and Internet television.” 

The deal also gives KeyTech a controlling interest in Bermuda cable company CableVision. Mr. Fray added, “We will now have the ability to offer superior triple-play services, which are telephone, Internet with access, and television, in both Bermuda and Cayman.”