KeyTech Limited (BER:KEY.BH) completed the acquisition of 58% stake in Bermuda Digital Communications Ltd. from ATN International, Inc. and other minority shareholders.
The transaction is subject to the satisfaction or waiver of certain conditions, including receipt of the approval from the Federal Communications Commission, the Regulatory Authority of Bermuda and the Information and Communications Technology Authority, approval of the Bermuda Stock Exchange and the approval from KeyTech's shareholders holding a majority of the votes, and certain other customary closing conditions, among others. The transaction also requires that listed KeyTech common shares shall have been authorized for listing on the BSX, subject to official notice of issuance. Boards of Directors of Atlantic Tele-Network and KeyTech have unanimously approved the transaction. The transaction is expected to close in the first quarter of 2016. Transaction is expected to be accretive beginning in the first full quarter after closing.
Sally Penrose, Shannon Cann, Steven Rees Davies, Tonesan Amissah, Mandela Fubler, Gary Harris, Jerome Wilson and Sarita Ebbin of Appleby (Bermuda) Limited acted as legal advisor for KeyTech. William A. Groll and Matthew P. Salerno of Cleary Gottlieb Steen & Hamilton LLP and Ian Stone of Wakefield Quin Limited acted as legal advisor to Atlantic Tele-Network. BofA Merrill Lynch acted as financial advisor to Atlantic Tele-Network.
KeyTech Limited (BER:KEY.BH) completed the acquisition of 58% stake in Bermuda Digital Communications Ltd. from ATN International, Inc. (NasdaqGS:ATNI) and other minority shareholders on May 3, 2016.