Pond Island, Sint Maarten — TelEm Group today announced the signing of a purchase agreement to take over ownership of St. Maarten Cable TV from its present owner Innovative.
Negotiations resulting in the purchase agreement were conducted by the TelEm Group Partnering Committee along with a Telecommunication merger and acquisition specialists
The announcement is being made simultaneously to St. Maarten Cable TV personnel and TelEm Group personnel following months of negotiation and an intense due Diligence process under a strict confidentiality agreement.
TelEm Group Chief Financial Officer (CFO), Mrs. Helma Etnel, said the company is “extremely pleased” with the signing of this purchase agreement, Friday, September 30, 2016, since this deal entails a major strategic benefit to the TelEm Group.
Mrs. Etnel stressed that the assets of the cable company, its TV content agreements and its client base all have great added value to the company.
“TelEm Group experience and resources, together with St. Maarten Cable TV assets create a unique synergy that will allow TelEm Group to meet St. Maarten long term broadband needs in an accelerated time schedule,” states both companies in separate notifications to respective personnel about the purchase agreement.
Mrs. Etnel says once all other matters related to the purchase are closed, the companies will begin working together to integrate services presently offered by both companies.
She also assures that in the coming period, all stakeholders will receive regular updates about the progress and plans of this business venture.