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Cable Bahamas bids $62M for mobile network

The Cellular Liberalization Task Force has announced that Cable Bahamas Ltd is the successful applicant in the mobile spectrum auction, with a bid of $62.5 million. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Tuesday, October 20, 2015
Tuesday, October 20, 2015

The Cellular Liberalization Task Force has announced that Cable Bahamas Ltd (CBL) is the successful applicant in the mobile spectrum auction. This means that CBL is the only bidder to advance to the final pre-conditions for licencing for the country’s second mobile cellular network.


Following extensive rounds, the spectrum auction was won with a CBL bid of $62.5 million.

This is the culmination of a bidding process that commenced last year and will result in a NewCo being set-up to run the license. This NewCo will be 49 per cent owned by CBL and 51 per cent owned by a HoldingCo; both entities will be 100 per cent Bahamian owned.

Anthony Butler, CEO of Cable Bahamas, stated: “We are proud to win the auction and look forward to being selected to serve Bahamians in the mobile market. Our focus has always been on satisfying the Bahamian people and ensuring that The Bahamas is at the cutting edge by delivering superior technology and affordable, exciting products.”

The remaining phase involves setting up the NewCo that will be awarded the second license.

“There is still much to do,” said Butler, “and we are sure that our partners in NewCo will share the same passion and commitment that Cable Bahamas has demonstrated throughout the liberalisation process.”

The Bahamas Ministry of Tourism has announced the launch of the new “Life is Grand” advertising campaign. The campaign highlights the ecological riches, natural wonders, exhilarating adventures and vibrant culture that make life grand on Grand Bahama Island.

Supreme Court of The Bahamas Justice Ian Winder has granted approval to the Baha Mar joint provisional liquidators’ request to make redundant approximately 2,000 employees, effective October 23.

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