The government of Guam and a private company have sealed the $150-million privatization of the Guam Telephone Authority, the last government-owned local exchange company in the United States.<\/p>\n
The transaction is also considered as the largest single purchase of a government-owned utility agency on Guam, a development that is seen to open the door for new telecommunications products and services on that island.<\/p>\n
TeleGuam Holdings LLC disclosed the consummation of its acquisition of GTA, which serves approximately 65,000 telephone access lines and owns cellular assets on Guam.<\/p>\n
TeleGuam is an indirect portfolio company of Shamrock Capital Growth Fund L.P. (\u201cSCGF\u201d), a private equity fund with investments in media, communications and entertainment affiliated with Shamrock Holdings, Inc., the private investment company of the Roy E. Disney family. Financing was provided by a syndicate of banks led by CoBank of Greenwood Village, Colorado.<\/p>\n
\u201cThis acquisition will allow GTA to offer new products and services formally unavailable from the government owned company,\u201d said Robert Taylor, chief executive officer of TeleGuam Holdings, in a media release emailed to the Saipan Tribune.<\/p>\n
\u201cNew telecommunications services will drive business growth, investment and improved quality of life on Guam. With a quadruple play of wireline, wireless, broadband and digital entertainment, we expect GTA to make Guam the model for integrated telecommunications providers everywhere,\u201d Taylor added.<\/p>\n
TeleGuam noted that the privatization comes on the heels of increasing military presence on Guam and the need for improvements in communications services.<\/p>\n
The government of Guam initiated the privatization of GTA\u2014the autonomous government agency that serves as the local fixed line telephone service provider on Guam\u2014soliciting bids during the first quarter of 2004. GTA also provides wireless (TDMA) services and offers digital subscriber line services throughout the island.<\/p>\n
TeleGuam\u2019s management boasts of more than 45 years of experience in many facets of telecommunications, including local, long distance, domestic and international services.<\/p>\n
In acquiring the government-owned telecom provider, TeleGuam said it would maintain GTA\u2019s offices and headquarters on Guam, gaining approximately 350 employees.<\/p>\n
\u201cBy expanding from local services into long distance services, data and broadband, wireless services and digital entertainment, TeleGuam expects to offer the residents of Guam a complete and affordable telecommunications product,\u201d the company said.<\/p>\n
TeleGuam disclosed that it would hand out the $150 million check to Guam Gov. Felix Camacho in a scheduled news conference at the Hyatt Regency on Guam tomorrow morning.<\/p>\n","protected":false},"excerpt":{"rendered":"
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