JD Buckley, the regional CEO of Digicel’s operations in the Caribbean, has reacted angrily to Cable & Wireless’s USD205 million bid to acquire Bermudan company KeyTech, a holding company for a group of telecom and IT firms which includes Bermuda Telephone Company, M3 Wireless (formerly BTC Mobility), Bermuda CableVision and Curacao-based Genespidernet Caribbean. The CEO said ‘It would be a bad day for Bermuda if C&W, a London based company steeped in a tradition of monopoly and under-serving its customers, gained access to Bermuda’s fixed line, mobile and internet markets, in addition to holding one of only two international licenses that currently exist within the local telecommunication industry.’ His counterpart at C&W, Eddie Saints expressed dismay at Buckley’s assessment saying that the response was ‘emotional’ and ‘misleading’. Saints believes that far from reducing competition, the acquisition will develop the sector by providing a unified network to the benefit of everyone, and create ‘economies of scale that Bermuda has never seen before.’ KeyTech’s board however, has rejected C&W’s offer and advised its shareholders to do the same.
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