Digicel Group Ltd. says it has reached an agreement with the Guadeloupe-based Loret Group and with Caribbean Fibre Holdings to acquire a submarine cable network across the Caribbean region.
Loret Group and Caribbean Fibre Holdings are the major shareholders in Global Caribbean Fibre, which is the parent company for Global Caribbean Network (GCN), Middle Caribbean Network (MCN), Southern Caribbean Fiber (SCF), and the Antilles Crossing projects.
As part of the deal, Digicel will acquire MCN, SCF, Antilles Crossing, and a number of related assets from Global Caribbean Fibre.
Digicel says the deal will provide the company with a wholly owned submarine network of approximately 2100 km that provides capacity from Trinidad to Guadeloupe.
Digicel has also entered into a transaction with Global Caribbean Fibre and GCN to provide submarine fiber capacity from Guadeloupe to Puerto Rico with onward connectivity to the mainland United States.
In total, Digicel has secured access to a undersea cable network that comprises 15 submarine segments with a reach of some 3100 km across the Caribbean region. Digicel will also have onward capacity on other submarine fiber-optic networks connecting locations such as Miami, Paris, and New York.
Digicel Group CEO Colm Delves said, "We are always looking for new ways to ensure that we deliver choice and innovation to our valued customers. The acquisition of this submarine network secures significant additional broadband capacity for Digicel. This additional capacity is central to our continued drive to offer innovative services and products to our customers in a data hungry world."
The financial terms of the contract were not disclosed and the transaction is subject to regulatory approval.
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