TSTT completes acquisition of Massy Communications

In the purchase, TSTT said it bought MCL’s retail business including 900 kilometres of fibre optic infrastructure already deployed; 34,000 homes passed and ready for sales; 6,000 customers; fully deployed operational and business support systems and other assets such as inventory and subsea capacity which it said were valued at more than $75 million. The transaction also covered Massy’s enterprise business, which included long distance termination for international carriers and more than 50 corporate customers receiving data circuits.

It added the deal benefitted both companies as well as the telecommunications industry and the people of Trinidad and Tobago since TSTT had planned to build a fibre plant in areas in which Massy had already deployed a robust network and the State company had already obtained financing for the construction of the plant. It said this gave TSTT the benefit of consolidating both networks and infrastructures resulting in significant foreign exchange savings to TSTT and the country and avoiding the inefficiency of building redundant infrastructure.

“This acquisition also accelerates TSTT’s board-approved strategic intention in relation to its broadband strategy and strengthens its competitive position.

This is the culmination of many months of work, exploration and determination.

The plan is to develop a comprehensive working relationship with Massy in general, where two local companies will use their collective economies, expertise and reach to the benefit of the country and all related stakeholders,” the statement said. It added that MCL was purchased as a “going concern” and will be operated separately.

The two companies entered into a share purchase agreement on May 2, and TSTT received regulatory approvals on July 26.

TSTT said it was very pleased that the acquisition had been completed as it was aligned with the company’s strategic plan for inorganic growth through mergers and acquisitions, and enables TSTT to achieve its goal of becoming an agile broadband com