BTL board approves $80 million Speednet purchase one day after Chamber’s halt call

By Breaking Belize News Staff (HP): The Board of Directors of Belize Telemedia Limited has approved the proposed purchase of 100 percent of the issued share capital of Speednet Communications Limited, operators of Smart, pressing ahead one day after the Belize Chamber of Commerce and Industry publicly urged that the acquisition be halted.

The approval came at a board meeting on the morning of Tuesday, August 4, according to an internal employee bulletin issued by BTL’s Human Resources Department and obtained by Breaking Belize News. The bulletin states the board acted with the support of senior management, subject to the satisfactory completion of continued due diligence and the negotiation of representations, warranties and other contractual protections for BTL as buyer. The Share Purchase Agreement will return to the board for separate review and final approval before execution, meaning the deal is advanced but not yet final.

The bulletin also puts a figure on the transaction for the first time: an investment of $80 million, with an estimated payback period of approximately 4.2 years on a discounted basis. BTL told employees the transaction will not require borrowing by the company and will not require additional investment from the Social Security Board, with the investment to be repaid from Speednet’s own operating cash flows.

BTL describes the acquisition as a strategic investment in Belize’s digital future, intended to reduce unnecessary duplication of telecommunications infrastructure, strengthen network reliability, accelerate digital inclusion and redirect resources toward modernization and connectivity for underserved and unserved communities. Expected benefits listed include expanded rural connectivity, improved reliability, consumer protection, employment and skills development, and stronger shareholder returns. The company says it remains committed to constructive engagement with the Government of Belize, the Public Utilities Commission and other stakeholders.

The timing sets up a direct standoff with the Chamber, which on Monday reiterated that its concerns over valuation, the absence of merger control legislation, Section 42(4) of the Telecommunications Act and consumer impact remain entirely unaddressed, and called for the deal to pause pending a second independent valuation supported by five years of audited Speednet financials. The Chamber has also noted that BTL is majority state-owned and significantly financed by the SSB, a framing that sits alongside BTL’s assurance that no additional SSB investment is needed.

Breaking Belize News will continue to follow the transaction as it moves toward a definitive agreement.

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