A controversial $80 million proposed acquisition of Speednet Communications Limited by Belize Telemedia Limited (BTL) has entered a new phase of uncertainty, with Minister of Education Francis Fonseca declining to publicly weigh in on the deal until the full Cabinet receives an official briefing on the transaction.
Fonseca, a senior member of the national government, confirmed that his current understanding of the proposal is limited exclusively to media reporting. “What I know so far is just what has been reported in the media. I expect that at our next Cabinet meeting we will receive a briefing on the matter. So I will reserve my public comments until we have received a briefing on the matter,” the minister stated in a press interaction.
The acquisition proposal moved a step forward earlier this week, when BTL’s board of directors approved the plan to purchase 100% of Speednet’s issued share capital by an 8-2 vote on Tuesday. But the vote immediately sparked strong pushback from organized labor leaders, who argue the deal was rushed through the approval process without meaningful public consultation.
Critics have raised two key red flags that have dominated ongoing discourse: inconsistent public valuation figures for the transaction, and lingering confusion over how Annisa Perdomo, the BTL board representative for the Social Security Board (SSB), cast her vote on the proposal. Fonseca acknowledged the widespread uncertainty surrounding these points, admitting that “there are legitimate concerns and questions that remain.” The minister added that he expects the government to respond to these outstanding issues “appropriately and respectfully” once it has full access to official details. Despite acknowledging the validity of the concerns, Fonseca declined to address any specific questions directly, repeating that he will wait for formal Cabinet briefing before sharing any public stance.
For its part, BTL has framed the acquisition as a transformative strategic move for Belize’s telecommunications sector. The company describes the buyout as a “bold investment in the country’s digital future,” arguing that consolidating the two operators will eliminate wasteful duplication of telecom infrastructure. BTL claims the freed-up resources will be redirected to three key priorities: expanded technology upgrades across the sector, improved connectivity for rural communities, and more reliable service for all consumers.
The company has also moved to ease fiscal concerns, confirming that it will not take on new debt to fund the $80 million purchase and will not request additional capital contributions from SSB for the transaction.
Despite the board’s initial approval, the deal is far from finalized. Under BTL’s governance procedures, the finalized Share Purchase Agreement will have to return to the company’s board of directors for a second round of review and final approval before the transaction can be completed.