A proposed $80 million acquisition of rival telecommunications provider Speednet by Belize’s BTL has cleared a key internal hurdle after BTL’s board of directors officially signed off on the deal, but the approval has sparked growing pushback from the country’s top business advocacy group and independent media voices, who warn the transaction is moving forward without critical consumer protections.
The Belize Chamber of Commerce and Industry (BCCI) has emerged as a leading critic of the accelerated timeline, arguing that necessary legislative and regulatory guardrails have not been put in place to protect Belizean consumers before the merger of the country’s two largest telecom providers. BCCI President Giacomo Sanchez told reporters that the rushed process has left far more questions unanswered than it has resolved, calling the logic behind the $80 million price tag fundamentally flawed.
Sanchez emphasized that the BCCI does not oppose private sector mergers as a general rule, but this transaction carries unique public stakes due to the Belize government’s significant financial interest in BTL, including a major equity stake held through the country’s Social Security program. Following multi-stakeholder consultations held in recent months, the BCCI remains unconvinced that the acquisition delivers public value, or that a functional regulatory framework exists to prevent consumer exploitation after the merger is complete.
“What we have done is essentially put the cart before the horse,” Sanchez explained. “We should have put in the proper legislative safeguards and guardrails and then we can see the proceeding of a fluid transaction. However, there was a rush and I honestly don’t know why there was a rush in concluding. To me it was more of a seller driven transaction, rather than a buyer driven transaction which is not good for the people of Belize.”
Sanchez added that the $80 million investment would deliver far greater long-term value for BTL and the public if it were directed toward upgrading BTL’s existing digital infrastructure, particularly in emerging cloud-based services that position the company for future growth, rather than purchasing declining assets from Speednet.
While BTL’s board has approved the deal, final authorization still rests with Belize’s Public Utilities Commission (PUC), the independent regulatory body legally tasked with determining whether the acquisition serves the best interest of consumers. Critics are now raising urgent questions about whether the PUC’s upcoming review will be thorough, independent, and centered on public needs, or if the outcome has already been predetermined.
Sanchez said the BCCI cannot draw conclusions about the PUC’s position until the agency releases a formal, tangible decision. But he warned that the BTL board’s early approval signals the deal is already a foregone conclusion, with PUC approval widely seen as just a procedural formality. When pressed on whether he distrusts the PUC to prioritize public interest, Sanchez declined to comment until the agency issues its ruling, but noted that legal maneuvering could be used to bypass the PUC’s mandatory regulatory approval required under Belize’s Telecommunications Act.
“From a BTL standpoint yes, it is a done deal. I don’t think this will go back or reversed. It is just the nature of things,” Sanchez said. Following the board’s approval, the BCCI executive held meetings this week with its social partners to map out the organization’s next steps to address the acquisition and broader related governance concerns.
Independent opposition to the deal has also come from Senator Louis Wade, owner of Belize’s independent media outlet Plus TV, who argues the merger poses an existential threat to independent journalism in the country. Wade says he has more to lose than any other public figure if the acquisition moves forward, as a consolidated telecom monopoly would directly threaten his media business and its operations. While he did not join other senators in walking out of this week’s vote on the matter, Wade reaffirmed his longstanding opposition to the deal, emphasizing that his opposition is rooted in public interest rather than personal financial gain.
“I stand to lose more than any of them. I own a media house, Plus TV and any monopoly is a threat as it has been in the past to what we do. So, I have my entire investment that comes at risk. But I was not there to represent Plus TV. I was not there to represent my own interest. I was there to represent my constituency, which is the church,” Wade explained, noting that he helped coordinate a unified opposition position among independent senators that was formalized before this week’s board vote.
Wade added that he stands by his opposition and would take the same position again if given the opportunity, as the merger remains clearly against the interests of all Belizeans.