The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Cabinet minister yesterday said he was waiting for the Attorney General’s Office to complete its review of Liberty Global’s acquisition of the Bahamas Telecommunications Company (BTC) before “re-submitting” it for approval.

Khaalis Rolle, minister of state for investments, told Tribune Business that there was nothing untoward or unusual concerning the review, which he described as “standard procedure in a transaction of this magnitude”.

“I think it’s just a standard review,” Mr Rolle said of the Liberty deal. “That is still being reviewed by, I think, the Attorney General’s Office prior to it coming back to me to re-present to the National Economic Council (NEC).”

When asked how quickly the review process would be completed, Mr Rolle replied: “I cannot say as yet, but I think that given the season, it’s not going to be long before this one’s addressed.”

Tribune Business revealed on Monday how Liberty Global’s acquisition of the controlling equity stake in BTC has yet to be approved by the Christie government nine months after the deal closed.

The issue was disclosed in Liberty Global’s annual 10K filing with US regulators, which said its acquisition of Cable & Wireless Communications (CWC) last year is still awaiting regulatory review and approval in the Bahamas and several other Caribbean jurisdictions.

“Most recently, the CWC acquisition triggered regulatory approval requirements in certain jurisdictions in which CWC operates,” Liberty Global disclosed to its shareholders and broader capital markets.

“The regulatory authorities in certain of these jurisdictions, including the Bahamas, Jamaica, Trinidad and Tobago, the Seychelles and the Cayman Islands, have not completed their review of the CWC acquisition or granted their approval.

“While we expect to receive all outstanding approvals, such approvals may include binding conditions or requirements that could have an adverse impact on CWC’s operations and financial condition.”

Liberty’s purchase of CWC, which acquired the controlling equity interest in BTC for $206 million via the 2011 privatisation, was completed on May 16, 2016.

This means that the company controlled by renowned cable TV pioneer, John Malone, has been waiting exactly nine months for the Christie administration to approve it as the Government’s new partner in BTC.

Liberty’s 10K filing also indicated its unease at having governments as equity partners in the communications companies it owns/operates.

“In several of CWC’s key markets, including Panama and the Bahamas, governments are CWC’s partners and co-owners,” its 10K filing said.

“Consequently, we may not be able to fully utilise CWC’s contractual or legal rights or all options available, where to do so might conflict with broader regulatory or governmental considerations.”