Today, Cable Bahamas shareholders overwhelmingly endorsed Cable Bahamas’ expansion plans in Florida.
At an extraordinary general meeting of Cable Bahamas’, held at the British Colonial Hilton, shareholders voted in favour of the company’s expansion plan which includes the acquisition of four companies in Florida: Marco Island Cable, Inc., NuVu Inc., US Metropolitan Telecoms, LLC and Summit Broadband Inc.
The total value of the acquisitions is over $99 million.
Franklyn Butler, a member of the board of directors and a member of the special committee of Cable Bahamas, which evaluated and negotiated the transactions on behalf of Company, expressed his satisfaction with the outcome.
“The shareholders have spoken and the level of support is very encouraging. This will be the first time a major Bahamian company has taken steps to expand internationally and I am proud to be part of the team that is making this happen,” Mr Butler said.
According to Anthony Butler, President and CEO of Cable Bahamas, “This is a further milestone that has been met for Bahamian regulatory approval and we anticipate closing these transactions in the coming weeks.”