Bahamas-based operator IP Solutions International (IPSI) has set aside BSD40 million (USD39.79 million) to invest in infrastructure over the next two years, if its acquisition by Limitless Mobile Holdings is green-lit by the government, Tribune 242 reports. Limitless has ambitions to become the Bahamas’ second mobile network operator and will compete with the current favourite, Digicel, for the licence when the government begins the auction process. Limitless’ acquisition of an 80% stake in IPSI has been approved by the Utilities Regulation and Competition Authority (URCA) but must also be cleared by the cabinet via the National Economic Council (NEC).
IPSI received its operating licence in October 2009 and WiMAX spectrum in January 2010 before rolling out infrastructure in New Providence and Abaco, and is planning to increase the WiMAX network’s capacity to ensure the ‘seamless delivery’ voice, data and video services. Following the takeover, the operator will launch an ‘aggressive’ plan, which will feature a ‘full launch’ and a complete re-branding.
Limitless Mobile Holdings is reportedly backed by Richard Worley, former chairman of Morgan Stanley Investment Management, and Charles Ryan, co-founder, chairman and CEO of Deutsche UFG, one of Russia’s leading investment companies – although TeleGeography was unable to confirm the latter’s involvement in the company. Limitless indirectly holds a 49% stake in US mobile provider Limitless Mobile (previously known as Keystone Wireless), which offers 2G services in central Pennsylvania and is currently in the process of rolling out 3G and 4G services. Limitless Mobile’s shareholders also hold a 54.19% stake in Limitless Mobile Holding.