POND ISLAND--The TelEm Group on Friday, September 30, signed a purchase agreement to take over the ownership of St. Maarten Cable TV from its present owner Innovative.
The signing comes after months of negotiations, TelEm said on Wednesday. Negotiations were conducted by TelEm Group’s Partnering Committee along with Telecommunication merger and acquisition specialists.
TelEm said the announcement was made to St. Maarten Cable TV personnel and TelEm Group personnel simultaneously following months of negotiation and an intense due diligence process under a strict confidentiality agreement.
TelEm Group Chief Financial Officer (CFO) Helma Etnel said the company is “extremely pleased” with the signing of the purchase agreement, since this deal “entails a major strategic benefit to the TelEm Group.”
Etnel said the assets of the cable company, its TV content agreements and its client base all have “great added value” to the company. “TelEm Group’s experience and resources, together with St. Maarten Cable TV assets create a unique synergy that will allow TelEm Group to meet St. Maarten’s long term broadband needs in an accelerated time schedule,” both companies said in separate notifications to their respective personnel about the purchase agreement.
Etnel says once all other matters related to the purchase are closed, the companies will begin working together to integrate services presently offered by both companies. She also assures that in the coming period, all stakeholders will receive regular updates about the progress and plans of this business venture.
