Telecommunications company Cable and Wireless, parent company of LIME, is now the owner of Columbus Communications Limited, parent company of Flow.
This comes on the heels of Digicel’s purchase of Sportsmax and Telstar Cable Company.
The acquisition is one of the biggest moves in the telecommunications industry in Jamaica and the Caribbean for years.
Columbus Communications is the parent company of Flow, which provides cable, internet and voice telephony services.
When contacted yesterday morning (October 6) lime Jamaica says a statement on the purchase agreement will be issued shortly from its parent company.
According to a statement on the website of Cable and Wireless, the board has agreed to terms to acquire Columbus International for consideration of approximately U.S. $1.85 billion, and additionally will assume net debt of U.S. $1.17 billion for a combined purchase price of $3.02 billion.
Founded in 2005, Columbus serves 700,000 residential service subscribers in the Caribbean, Central America and the Andean region.
It provides digital cable television, high-speed internet access and IP telephony services in Trinidad, Jamaica, Barbados, Grenada, Curacao, St. Lucia and St. Vincent and the Grenadines under the brand name Flow and in Antigua under the brand name Karib Cable.
Source: Irie FM