U.S. regulator approves CBL, SRG merger
The U.S. Federal Communications Commission(FCC)has given the green light for the Cable Bahamas Limited(CBL)and Systems Resource Group Limited(SRG)merger–getting consumers one step closer to more competitive prices.
In a release sent out yesterday, CBL said the FCC approved the application for a change in control of SRG with respect to its FCC-authorized section 214 license. This prerequisite was necessary, said CBL, to allow the merged company to continue to provide international telecommunications services into and from the U.S. as a global facilities-based provider.
This comes on the back of last month’s approval by the Utilities Regulation and Competition Authority(URCA)for SRG to merge with Cable Bahamas, which represented a major step forward in allowing CBL and SRG to complete their sale and purchase agreement to form a merged company.
“This is another step towards our goal of being able to provide real competition in the fixed line voice market”, stated Anthony Butler, CBL president and CEO.”This brings the day closer when Cable Bahamas can provide customers with the products and services that they deserve and have been asking for.”
Cable Bahamas and SRG will over the next few weeks work to obtain the remaining regulatory approvals and conclude the transaction in accordance with the sale and purchase agreement. This will create The Bahamas’first 100 percent Bahamian owned, public converged communications services provider offering voice, broadband data and video products.
“This merger will provide the Bahamian consumer converged competitive services for the first time,”commented Paul Hutton-Ashkenny, President of SRG.”The merged company will be in a position to offer new services to the consumer at highly competitive price points immediately after the transaction is concluded.”
The release said CBL intends to build on its past successes to provide very competitive offerings to the market. CBL’s offering of converged communications services will be competitive in all respects inclusive of price, quality of service and superior customer service, said the statement.
“Bahamian consumers can expect better products, better support and better value than what is currently offered in the market today,’said the statement.