The Tribune

Cable Bahamas has announced that following the successful completion of its $135 million senior credit facility refinancing, it complated the acquisitions of Marco Island Cable and NuVu.

The total cash consideration paid by Cable Bahamas to acquire Marco Island Cable and NuVu was $10.1 million and $12.6 million, respectively. The purchase was financed entirely with funds provided under the new facility.

Anthony Butler, Cable Bahamas, chief executive, said: “This is a major step forward for our company. The combination of Marco Island Cable and NuVu, together with US Metropolitan, which was acquired three weeks ago, creates a powerful platform for innovation and growth in southwest Florida.

“Together, our Bahamian and Florida operations create the opportunity for Cable Bahamas to have access to over 500,000 homes, and we intend to capitalise on the growth opportunity, both organic and by further acquisitions, to bring consumers the most advanced broadband and digital TV and telephony products available.”

Mr Butler added that Cable Bahamas’ growth strategy was given overwhelming shareholder support, and said: “Our current phase of acquisitions will be concluded in approximately three weeks with the final link of our Florida plan, the acquisition of Summit Broadband in Orlando.

“Summit plays a pivotal role in our strategy as it is designed to be our network core for the Florida operations.

“The strategic acquisition and expansion of reputable, local entities will drive business and consumer choice while delivering the highest quality end-product to a market. US Metro’s current headquarters in Bonita Springs will become the southwest Florida headquarters for Cable Bahamas’ US subsidiaries.”

Marco Island Cable and Nu Vu provide digital cable television, broadband Internet and telephony services in southwest Florida, one of the fastest growing and prosperous regions in North America.

The acquisitions will have an immediate positive impact on digital, broadband and telephony subscriber results by an increase of 40 per cent, 20 per cent and 22 per cent. respectively.

The operating region of US Metro, Marco Island Cable and NuVu has a population in excess of one million; the average household expenditures are in excess of $50,000; and the median household income exceeds $45,000.