As BTL moves forward with its planned acquisition of telecommunications firm Speednet, growing questions about the target company’s valuation and the adequacy of due diligence have emerged as key points of contention in the high-stakes deal. In a public confirmation on August 11, 2026, BTL Chairman Markhelm Lizarraga laid out the framework of the acquiring company’s due diligence process, acknowledging that the firm has only reviewed a single year of audited financial statements from Speednet, alongside three independent third-party valuations. A fourth independent valuation is still pending as the process continues.
Critics and social partners have pushed back on this approach, arguing that a single year of audited financial data is far too narrow a window to accurately assess Speednet’s long-term financial health and true market value. Standard large-scale merger and acquisition transactions typically require at least five years of historical financial records to identify trends, potential hidden liabilities, and consistent operational performance, they say.
Lizarraga defended BTL’s methodology in comments to reporters, countering that the company’s process aligns with international industry standards for telecommunications acquisitions. Beyond the single year of audited records, he explained, BTL has leveraged existing network interconnections between the two firms to independently verify Speednet’s customer base, breaking down subscribers into prepaid and postpaid categories and calculating estimated revenue per user to cross-check the target company’s stated figures.
As the due diligence process advances, Lizarraga added that BTL will commission a fifth independent professional valuation immediately after closing the transaction and gaining full operational control of Speednet. That final valuation will confirm whether the financial disclosures provided by the seller match the company’s actual performance and value, addressing ongoing uncertainty around the deal. The transaction remains in flux as stakeholders continue to debate whether BTL’s current due diligence framework is sufficient to protect the acquiring company’s interests ahead of the final agreement.