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July 14, 2009

Bahamas Telecommunications Company for sale

The Nassau Guardian is reporting:

The government is today launching the formal process intended to lead to the sale of a 51 percent stake in The Bahamas Telecommunications Company (BTC), The Nassau Guardian can confirm.

This exercise is intended to lead to bidding for the state-owned company.

Parties interested in purchasing BTC will be required to complete a registration form and pay a US$25,000 processing fee by July 28.

The government plans to refund the fee for any party that is not chosen to move ahead to the due diligence phase of the process, but the fee will not be refunded to any prospective buyer who moves to this next phase. In addition to acquiring a 51 percent shareholding in BTC, the new owner would also gain operational control of BTC, which currently provides services to over 334,000 wireless, 132,000 fixed line and 18,500 broadband customers throughout The Bahamas. The company currently has 190 roaming agreements in place serving more than four million tourists who visit The Bahamas each year.

Pretty interesting - I wonder how the overall economic situation will affect the sale price and/or the ability of potential buyers to find credit or capital to buy it.