On August 4, 2026, the Board of Directors of Belize Telemedia Limited (BTL) gave formal approval to move forward with a planned $80 million acquisition of 100% of the issued share capital of Speednet, which operates under the SMART brand. The green light from the board is not final, however, as it remains contingent on two key conditions: the successful completion of ongoing due diligence reviews, and the final negotiation of binding contractual terms including representations, warranties, and other legal protections for BTL as the purchasing party.
BTL has framed the proposed transaction as a transformative strategic investment that will lay stronger groundwork for Belize’s long-term digital development. Company officials emphasize that the merger will eliminate wasteful overlapping telecommunications infrastructure across the country, while also allowing the combined entity to expand affordable connectivity services to underserved rural communities. Critically, BTL has stressed that the $80 million purchase will not require any external borrowing, nor will it demand additional capital investment from the Social Security Board (SSB), BTL’s major stakeholder. This confirmation was corroborated by SSB Chair Dr. Sheree Smiling-Craig, who clarified that the public social security fund will not inject new funds into BTL to support the deal.
Over the course of two months, SSB carried out an in-depth independent review of the acquisition’s potential benefits and risks. According to Smiling-Craig, the fund’s analysis concluded that the transaction has strong potential to reinforce BTL’s competitive standing in Belize’s telecommunications market, and ultimately boost the long-term value of SSB’s existing stake – a benefit that will flow to the fund’s contributors and beneficiaries. Based on BTL’s current financial projections, the acquisition has an estimated discounted payback period of roughly 4.2 years, meaning the company expects to recoup its full investment in under four and a half years. Moving forward, BTL has stated it remains dedicated to maintaining open, constructive dialogue with the national government, the Public Utilities Commission (PUC), and all other industry stakeholders as the deal progresses through the next phases of review and negotiation.
Despite BTL and SSB’s confidence in the transaction, the board’s approval has drawn sharp pushback from two major Belizean organizations: the Belize Chamber of Commerce and Industry (BCCI) and the National Trade Union Congress of Belize (NTUCB). Both groups have raised repeated concerns about multiple aspects of the proposed acquisition, including the rigor and transparency of the financial due diligence process, the potential negative impact on market competition in Belize’s telecommunications sector, and the failure to conduct broader public consultation with affected parties ahead of the board’s vote. NTUCB President Ella Waight made the union’s position clear in comments ahead of the board’s decision, stating that no outcome of the vote would alter the group’s opposition. “The overall finalised decision has to be no,” Waight said.