Cable Bahamas Limited (CBL) has reached an agreement to sell its majority interest in Florida-based ISP Summit Vista (Summit Broadband) to US private equity firm Grain Management. The sale is subject to customary closing conditions and is expected to close in the fourth quarter of 2019, said Grain Management in a statement. Summit Broadband owns and operates fibre-optic networks covering more than 1,800 fibre route miles across central and south-west Florida. It was acquired by CBL back in 2013.
Bahamas daily The Nassau Guardian subsequently reported that CBL will earn around USD 332.5 million from the sale. “CBL Group has undergone tremendous growth over the last six years and the performance of Summit Broadband has proved significant in contributing to these results,” said CBL Group CEO Franklyn Butler, adding that “the sale of Summit Broadband will allow us to focus our resources on Rev and Aliv, our core Bahamian operations.”
