Thursday August 15, 2013 (Bonita Springs, FL) – US Metropolitan Telecom, LLC (“US Metro”) is pleased to announce that FiberCon Holdings, LLC, the holding company for US Metro, has executed an agreement to sell 100% of the stock in US Metro to Summit Vista Inc, a U.S. based wholly-owned subsidiary of Cable Bahamas Ltd. The transaction closed on August 15, 2013. This transaction comes just ahead of the proposed transactions where Summit Vista will acquire the stock of Marco Island Cable, NuVu, and Summit Broadband of Orlando. All U.S. and Bahamian regulatory approvals have been received for all of the transactions. The three transactions will consolidate the Florida business operations of US Metro, Marco Island Cable, its affiliate NuVu LLC, and Summit Broadband to form a world-class provider of telecommunications, television, and broadband services. Over time, the combined entities will do business under the brand name Summit Broadband.
US Metro was the first alternative telecommunications company in Southwest Florida providing competitive services using a 100% fiber-optic cable network. US Metro provides world-class internet, data, and voice communications services to Southwest Florida businesses and to national telecom carriers.
Marco Island Cable was the first cable operation in Collier County to deliver digital television, High Definition, and two-way broadband internet services. Under its NuVu brand, Marco Island Cable has been a technology leader with the first fiber-to-the-home solutions delivered by a franchise operator in Southwest Florida. The company provides services to nearly 15,000 households in Collier County alone.
Summit Broadband (formerly Orlando Telephone Company) is a facilities-based communications provider with over 25,000 telephone, internet, and cable television customers in the greater Orlando market. The merger of these entities, along with the backing of a strong public company like Cable Bahamas, will provide businesses and residents of Southwest and Central Florida with a broadband and television communications alternative that is focused on delivering a superior, state-of-the-art product coupled with the finest, most comprehensive customer support in the industry.
With over $112 Million in revenues in 2012, Cable Bahamas is well positioned for expansion into the Florida market. The company will support the merged US Metro, Marco Island Cable, NuVu, and Summit Broadband entities by initially investing more than $90 Million to connect and grow the first phase of its U.S. footprint. Growth into the United States is a natural next step for the company that has made the most substantial investments in Caribbean broadband telecommunications and television delivery. The strategic acquisition and expansion of reputable, local entities will drive business and consumer choice while delivering the highest quality end-product to a market weary of the incumbent telephone and cable giants.
Customers of US Metro will see very few changes to its strategy and pricing structure. The product offering will expand to include video services. The existing management, operations, and sales teams will remain in place to grow the business and to continue to deliver on the commitments, services, and technologies that have been promised to our partners. US Metro’s headquarters building in Bonita Springs will become the Southwest Florida headquarters for Summit Broadband.
“The most significant benefit of this transaction to US Metro is that the company will have access to a much larger pool of capital and technical capabilities to support the ever-increasing demand for broadband services by business customers,” said Frank Mambuca, President & CEO of US Metro. “While the company has had many opportunities to increase the pace of its expansion, this transaction would ensure that access to cost-effective capital would never again be a rate-limiting factor to our growth. The merger with Marco Island Cable and Summit Broadband, under the auspices of a strong public company, will insure that US Metro has the financial and operational resources to continue to lead the market in delivering the highest quality broadband telecommunications services, including the fastest, most cost effective High Speed Internet, Data, Voice, and Video services in Southwest Florida,” added Mambuca. “The main winners in this transaction are our customers,” Mambuca concluded. Mr. Mambuca will remain with the combined companies and become the President of Summit Broadband’s Southwest Florida Division.