The Telecommunications Services of Trinidad and Tobago (TSTT) announced on Tuesday its acquisition of Massy Communications.
TSTT, this country's largest telcommunications provider, signed a Share Purchase Agreement to acquire Massy Communications for $255 million.
This brings 34,000 homes and a Fibre to the Home system to TSTT.
The announcement was made by TSTT's chairman Emile Elias at a news conference.
TSTT issued a release stating that the company had entered into a Share Purchase Agreement (SPA) in which TSTT will purchase 100% shareholding of Massy Communications Ltd.
This agreement capitalizes on the synergies of both companies in a manner that is mutually beneficial, along with their stakeholders, the local telecommunications industry and the people of Trinidad & Tobago, the release stated.
It stated, “TSTT is the largest telecommunications provider in Trinidad and Tobago. A significant element of TSTT's current strategic plan involves the deployment of both wired and wireless high-speed broadband internet capabilities, throughout the entire nation. This includes investment in fibre optic solutions together with the associated technological infrastructure and systems.
Since 2006, Massy Communications, formerly Three Sixty Communications, has been building out its telecommunications network and expanding its services, to currently offer a range of services which include:
- Fibre Optic (FTTH) Infrastructure deployment which is utilised to deliver High Speed Internet and IPTV to residential and SME customers.
- Dedicated Internet/IP transit
- Clear Channel Domestic/ Metro Ethernet and International Private Lines
- International Wholesale Termination and Enterprise Voice Solutions
In 2016, TSTT secured $1.9B in financing to create a Fibre to the Home (FTTH) solution throughout all of Trinidad and Tobago, including areas where Massy had already built out a robust network. This purchase will allow TSTT to have immediate access to an additional 34,000 homes passed with fibre.
These homes are located in Diego Martin, Port of Spain, Trincity, Arima and San Fernando. This agreement therefore means that TSTT now has the benefit of incorporating these customers into its existing infrastructure.
The agreement includes all of Massy Communications infrastructure relating to both its Enterprise and Consumer networks, all existing Enterprise and Retail customers and the entire operational and business support systems.
TSTT stated that the purchase will result in the acceleration of TSTT's deployment of its next generation network. It will also facilitate the opportunity to immediately deliver a new suite of products and services to our existing customers in these areas. Furthermore, it will provide the Massy customers with the assurance that their future communications needs are well placed.