WestTel to Acquire TeleCayman – 31st January 2013
January 31, 2013
WestTel Limited dba Logic has signed a Share Purchase Agreement to Acquire TeleCayman Limited
31st January 2013, GeorgeTown, Cayman Islands– The board of WestTel Limited doing business as Logic, approved a share purchase agreement to acquire TeleCayman Limited. TeleCayman is currently 100% owned by Bermuda-based Javelin Connections Bermuda Ltd. The acquisition is subject to regulatory approval from the Cayman Islands’ Information and Communications Technology Authority (ICTA). TeleCayman will be amalgamated with Logic after ICTA approval has been granted.
“Logic is looking to solidify its position as the market leader for telecommunications in the Cayman Islands. With the purchase of TeleCayman Limited, Logic will have a significantly larger fiber footprint enabling us to service more customers over a larger area of the island. Currently both companies offer similar products and services so the transition to Logic will be seamless for customers,” said Mike Edenholm, Chief Executive Officer of Logic.
“Javelin has negotiated the sale of all of the shares of TeleCayman Limited to WestTel Limited subject to ICTA approval. Recognising that the market in Cayman is small and that the investment in fiber technology to grow the business is large, Javelin sought a buyer that understood the benefit of consolidating the market. We firmly believe that this transaction with WestTel will benefit the telecommunications sector in Cayman and that our customers will continue to receive the quality of service that they have come to expect,” said Greg Swan, Chief Executive Officer of TeleCayman Limited.
There will be no immediate changes for TeleCayman’s customers and all contact and service numbers will remain the same until the necessary ICTA regulatory approvals have been received. There will be no service disruptions and Logic will honour all existing customer agreements. Logic will ensure that customers of both companies receive the high level of customer service that they have come to expect from Logic.
Logic is a wholly owned subsidiary of KeyTech Limited, a Bermuda registered Company. Logic provides voice, data and LogicTV services to businesses and residents of the Cayman Islands.
Kendaree Burgess, Communications, Logic
Tel: 441 505 3204
Mike Edenholm, CEO, Logic
Tel: 345 743 0001