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Innovative Communication to Acquire Belize Telecommunications

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WEST PALM BEACH, Fla., Dec. 15 -- Innovative Communication Corp. LLC has agreed to acquire Belize Telecommunications Ltd. (BTO), the national telephone company of Belize, it was announced last week.

The Government of Belize has been working with Carlisle Holdings Ltd. to facilitate the sale of its interest in BTL, in keeping with the group's business plan and to further encourage competition in the telecommmunications sector. Carlisle agreed last week to sell its 52.46 percent interest in BTL for $52 million and a $5 million premium for its majority position. The actual sale will be completed within 60 days on the payment of the last US$5 million after a due diligence period.

Through its related companies, Innovative Communication Corp. owns and operates trendsetting telecom and media companies in the US Virgin Islands and throughout the Caribbean.

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Dec 2003
CommunicationsNews & Features

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