Cable Bahamas Buys Florida PropertiesPays $100M For U.S. Foothold 12/12/2013 2:53 PM Eastern
Cable Bahamas recently purchased three Florida systems for about $100 million, gaining a foothold in the United States for the foreign operator.
Cable Bahamas recently purchased Summit Broadband, Marco Island Cable/NuVu and U.S. Metropolitan Telecom. The deal closed on Nov. 26.
Cable Bahamas was formed in 1995 and is the only triple play provider in The Bahamas, providing residential and business services to 16 islands.
Summit Broadband operates in the Orlando, Fla. area, serving primarily hotels, multiple dwelling units and wholesale customers in that market. Marco Island Cable/NuVu provide service on Marco Island, Bonita Springs and Naples, while U.S. Metropolitan Telecom operates a network with about 629 route miles of fiber in the southwest part of the state. Cable Bahamas said the purchase will not only provide additional customers, but also the opportunity for expansion.
RBC Capital Markets served as exclusive financial advisor to Cable Bahamas and as sole lead arranger and bookrunner for the cross-border debt facilities related to the transaction.