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BONITA SPRINGS — Summit Vista, the U.S. subsidiary of Cable Bahamas, has acquired US Metropolitan Telecom and has proposed to buy Marco Island Cable as part of its expansion into Florida. Terms of the deals were not disclosed.
US Metropolitan is based in Bonita Springs and provides telecom services to businesses and national carriers in Southwest Florida. You can read a Business Observer story about the company here. Marco Island Cable provides services to 15,000 Collier County residents.
In addition, Summit Vista has contracts to acquire Marco Island Cable affiliate NuVu and Summit Broadband of Orlando. The combined entities will do business as Summit Broadband.
Cable Bahamas posted $112 million in revenues in 2012 and plans to invest $90 million in the first phase of its expansion to the U.S., according to a statement from US Metropolitan.
“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,” says Frank Mambuca, president and CEO of US Metro, in a statement.
The story has been updated to correct that Summit Vista acquired US Metropolitan Telecom, and that the deals for NuVu and Summit Broadband are contracts, but not finalized at this point.
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