Nearly 24 hours after the board vote that cleared a key procedural hurdle for the proposed BTL-Speednet merger, all eyes have turned to Belize’s independent telecommunications regulator, the Public Utilities Commission (PUC), the only body left with the legal authority to greenlight or block the transaction. The PUC’s core mandate in this review is to assess whether the merger will deliver tangible benefits to Belizean consumers, or if it will harm market competition and drive up costs for end users.
While the PUC has publicly reaffirmed its commitment to carrying out a full, transparent review aligned with all existing national laws, regulations, and established regulatory protocols, the head of Belize’s leading business advocacy group says the final outcome is already all but settled.
Giacomo Sanchez, president of the Belize Chamber of Commerce and Industry (BCCI), told reporters this week that he views the PUC’s upcoming review as little more than a procedural formality. Speaking shortly after the merger passed its board vote, Sanchez acknowledged that no formal determination can be made until the PUC releases its official findings, noting that the regulator has not yet signaled what its final position will be. Even so, he argued that the board’s approval sends an unambiguous signal that the deal will move forward regardless of any regulatory concerns.
“In my view, this transaction is a foregone conclusion,” Sanchez said. “Yesterday’s vote made it clear to the public and all stakeholders that this deal will go through one way or another. For the PUC, it’s just a question of when they will announce their approval.”
Sanchez doubled down on his assessment, adding that from BTL’s perspective, the merger is already effectively completed, with no realistic path for the process to be reversed or derailed at this stage. When pressed by a reporter on the PUC’s legal obligation to formally approve the deal before it can be finalized, Sanchez did not mince words about what he expects to happen next, suggesting that procedural workarounds could be used to avoid any meaningful regulatory pushback.
“The honest truth is that there may be some legal maneuvering to circumvent that requirement,” Sanchez said. “That is just the reality of how these processes play out, and I can absolutely see that happening here.”
In contrast to Sanchez’s predictions, the PUC has issued a short, formal statement emphasizing its commitment to upholding regulatory standards in its review of the merger. The commission confirmed that it will handle all matters related to the proposed transaction in strict accordance with applicable national laws, regulations, and established procedural guidelines.