In a major development in Belize’s telecommunications landscape, Belize Telemedia Limited (BTL) has formally pulled its proposed takeover of Speednet Communications Limited, the parent company of popular mobile provider SMART. The formal notice of withdrawal was delivered to the Public Utilities Commission (PUC), Belize’s sector regulator, in an August 24 correspondence signed by BTL Chief Financial Officer Ian Cleverly.
The acquisition proposal was first submitted to the PUC for regulatory review back on February 10, 2026. In his letter, Cleverly confirmed that BTL is withdrawing all regulatory filings and materials related to the planned transaction, and no longer has any intention to move forward with the purchase of Speednet. As a result, he noted the PUC is no longer required to continue its review of the abandoned proposal.
Cleverly emphasized that BTL entered the acquisition process with genuine good intentions. The company framed the proposed merger as a move to consolidate and strengthen Belize’s entire telecommunications sector, generate operational efficiencies that would cut costs, and ultimately deliver improved, more robust services to end consumers across the country. Throughout the months-long regulatory review process, Cleverly added, BTL maintained open, constructive dialogue with all relevant stakeholders and regulatory bodies, including the PUC.
However, the executive revealed that unforeseen changes to broader market and operating conditions have forced the company to reverse course. “Unfortunately, BTL will no longer pursue the proposed acquisition as a result of change in circumstances,” Cleverly wrote in the official notice.
Parallel to this development, the National Trade Union Congress of Belize (NTUCB) has issued an urgent demand for the removal of BTL’s current chairman, setting a hard deadline of August 28 for the action to be taken. Details of the union’s specific grievances against the chairman have not been released in the initial reporting, but the high-stakes demand adds a layer of political and labor tension to the already evolving situation at Belize’s leading telecommunications provider.