BISX listed CBL Group announced today that it has entered into a definitive agreement to sell its Florida based operation, Summit Broadband, to Grain Management LLC, in a carve-out transaction for $332,500,000. The agreement follows a multiple stage bid process led by RBC Capital Markets.
President and CEO of CBL Group, Mr. Franklyn Butler, said “The sale of Summit Broadband will allow us to focus our resources on REV and ALIV, our core Bahamian operations. At the same time, we will be able to deleverage the group’s balance sheet, a key objective I committed to as part of the CBL Group’s Strategic Plan announced at the AGM in January earlier this year. I am proud to be able to deliver on this promise in such a significant way. CBL Group has undergone tremendous growth over the last six years and the performance of Summit Broadband has proved significant in contributing to these results. I wish to personally thank the management and staff at Summit Broadband for their contribution to CBL Group performance over the years and wish them well in this next exciting phase of their growth. I would also like to thank our shareholders for their tremendous support and patience and advise them the focus is now clearly on the REV and ALIV operations in The Bahamas.”