Promise made by First Bahamian CEO at January 2019 AGM delivered
BISX listed CBL Group announced today that it has closed on its definitive agreement to sell its Florida based operation, Summit Broadband, to Grain Management LLC, in a carve-out transaction for $301,500,000 after closing adjustments. 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 is now complete following the previously announced sales agreement executed last August with Grain Management LLC. Final negotiations and due diligence continued over the last 5 months, I am delighted that the sale is now complete at $301.5M. It is a phenomenal start to 2020 as it 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 priority for the Group. While we had some closing adjustments from the initial announced price, I am pleased with the final EBITDA multiple and value we unlocked from our investment in the Florida market.