B.T.L. deal goes through

The process no doubt was responsible for more than a few grey hairs on more than a few heads, but tonight the biggest business deal ever transacted in Belize has been completed. The agreement, signed today after months of negotiations and work on “due diligence”, calls for the government of Belize to sell the controlling interest in Belize Telecommunications Limited to Innovative Communication Company. In the first instance government will turn over the fifty-two percent of the company it recently purchased from Carlisle Holdings. According to a release issued by the government press office, I.C.C. also agreed to purchase the twenty-five percent of the company owned by the Belize Social Security Board for the same price, less a five million U.S. dollar bonus that Carlisle received for its majority position. It is understood that I.C.C. will make a standing offer to all other B.T.L. shareholders to sell at the same price paid to Social Security. I.C.C. Chairman Jeffrey Prosser and other company officials declined to speak to the media this evening, but according to the press release, the agreement calls for “interconnection between the new B.T.L. and other licensed operators–a matter which I.C.C. recognized as requiring priority attention. “This seems to indicate that the all important rate for interconnection between B.T.L. and its competition has been agreed to. The release also refers to “universal service” which suggests that the new B.T.L. will continue to pursue a government mandated policy that extends telecommunications services to rural and disadvantaged communities that might otherwise be ignored if profit were the only consideration. Apart from any particular sweeteners that government may have thrown in to clinch the deal, Belmopan will breathe easier tonight knowing that it is no longer on the hook for a big U.S. dollar loan floated to buy out Carlisle. The purchase followed a series of disagreements with Carlisle’s chairman, Michael Ashcroft, over what Ashcroft claimed was an unfair advantage given to B.T.L.’s competitors. The sale of the Social Security shares will also bolster the nation’s flagging foreign reserves and presumably help the liquidity situation at the banks.