分类： business

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.

As the proposed consolidation between Belize Telemedia Limited (BTL) and Speednet moves forward, growing concerns over the potential creation of a national telecommunications monopoly have become the central point of debate for the deal. In a direct response to these widespread worries, BTL Chairman Markhelm Lizarraga has pushed back against claims that the merger would eliminate competition and lock out new market entrants, offering a detailed explanation of why the consolidated entity would not function as an unregulated monopoly.

Lizarraga emphasized that Belizean existing regulatory framework already includes provisions for open market access through what is known as an MVLO (Mobile Virtual Network Operator) structure. Under this system, any entrepreneur or organization seeking to launch a new telephone service can leverage BTL’s existing network infrastructure, which already has excess capacity to support additional providers. This means new brands can enter the market fully under their own identity, using BTL’s backbone to deliver services without needing to build their own nationwide network from scratch.

Addressing questions around whether BTL would exercise undue control over new entrants, Lizarraga clarified that while services run on the national infrastructure managed by BTL, this does not equate to full control over independent operators. Beyond the voice telecommunications market, he also noted that consumers in Belize already enjoy multiple options for internet connectivity outside of BTL and Speednet. The country already hosts a range of competing data service providers across the nation, giving consumers choice for one of the most in-demand communications services today.

Lizarraga’s stance aligns with comments made earlier this year by Belize’s Minister of Public Utilities, Michel Chebat, who also rejected the likelihood of the merger resulting in a monopoly when questioned on the topic. This report is a transcript of an evening television news segment that originally aired on August 11, 2026.

On August 11, 2026, Belize Telemedia Limited (BTL) Chairman Mark Lizarraga emerged from a scheduled cabinet meeting prepared to address widespread public and regulatory scrutiny over the company’s planned acquisition of rival telecom provider Speednet. Following the hours-long session, where Lizarraga confirmed the BTL board faced extensive questioning from government officials, he told reporters that the leadership team had successfully responded to every concern raised, and stood firmly behind every term of the proposed merger.

One of Lizarraga’s core arguments in defense of the deal centers on long-standing industry inefficiency in Belize’s telecommunications sector. He explained that BTL’s existing network infrastructure is built to support up to one million mobile and broadband subscribers, yet currently serves only 225,000 customers, while competitor Smart (Speednet’s parent brand) serves an additional 100,000 users. Even after the acquisition is finalized, combined usage would only consume roughly 33% of BTL’s existing network capacity. Lizarraga pointed out that maintaining two separate, underutilized systems—complete with duplicate fibre optic cables, cell towers, and back-end infrastructure—unnecessarily drives up costs for consumers, leaving the sector overcapitalized and inefficient.

Critics, including a coalition of social partners, have pushed back against the deal for BTL’s decision to rely on just one year of audited financial statements from Speednet, rather than the five years of full financial records they have requested. Lizarraga countered this critique by noting that BTL has independently verified Speednet’s financial performance using the company’s own network analytics tools. These tools allow BTL to cross-check customer usage patterns, traffic volume, and per-customer revenue directly, rather than relying solely on historical third-party audits.

Another major point of contention has been the claim that the acquisition would create an illegal monopoly that stifles competition and harms consumer choice. Lizarraga rejected this claim outright, pointing to the existing Mobile Virtual Network Operator (MVNO) framework that allows third-party brands to operate their own telecom services over BTL’s existing network infrastructure. This model, he argued, acts as a built-in safeguard against anti-competitive behavior, ensuring new providers can still enter the market without building their own full network from scratch.

On financial terms, Lizarraga confirmed that the negotiated purchase price for Speednet currently stands at $80 million, pending the completion of final due diligence. The purchase will be repaid in installments over a 4.2-year period, he added.

He also addressed widespread public concerns that BTL would use control of Speednet’s network to suppress independent media outlets that are critical of the current government, dismissing these fears as unfounded. He also pushed back on claims that the BTL board moved forward with the deal without completing required public consultation and securing approval from the Public Utilities Commission (PUC). Under Belizean law, the PUC must sign off on major telecom mergers before they can be finalized. “We can’t do that. The law is very clear. We need to have the PUC’s approval,” Lizarraga said. “We’re not in the business of doing illegal stuff. We haven’t landed there yet. We’re still working on warranties and representations, buyer protection.”

Lizarraga also addressed long-running speculation over a potential conflict of interest tied to the Prime Minister’s family ties to the deal. He emphasized that initial discussions for the transaction date back to 2018, years before the current administration took office, and that the BTL board has not factored political considerations into its evaluation of the merger. “This is a business transaction that was contemplated way back from 2018. Personalities aside, this is strictly business,” he said.

In addition to the rate freeze commitment, Lizarraga used the cabinet presentation to correct widespread misinformation that has circulated in media coverage of the deal. He also confirmed that BTL has formally committed to freezing consumer service rates through December 2028, a commitment designed to reassure consumers that the consolidation will not lead to immediate price hikes.

BTL workers have publicly opposed the acquisition, leading a pushback campaign against what they have labeled the “SMART deal,” adding another layer of public pressure on officials and the BTL board to reject the proposal. A full interview with Lizarraga is set to air on News 5 Live at 6 p.m. local time the same day.

In response to weeks of growing public and institutional pressure over the proposed Speednet acquisition by Belize Telemedia Limited (BTL), Belize’s Cabinet has announced a structured consultation process that will bring all key conflicting stakeholders to the table to present their cases directly before the government finalizes its official position on the transaction.

The multi-stage consultation kicked off on August 11, 2026, with the first round of closed-door presentations delivered to Cabinet in Belmopan, where representatives from three core institutional parties—the Belize Social Security Board (SSB), the national Public Utilities Commission (PUC), and BTL leadership—outlined their respective perspectives on the proposed deal. Local outlet News Five has on-the-ground reporting stationed in Belmopan to cover the ongoing proceedings.

A second round of presentations is scheduled for this Thursday, when two other major stakeholders will get the opportunity to share their stances: the Belize Chamber of Commerce and Industry (BCCI) and the National Trade Union Congress of Belize, the umbrella organization representing the country’s organized labor groups that have been among the most vocal critics of the acquisition.

Following the conclusion of all stakeholder inputs, Cabinet will hold a dedicated deliberation session during its scheduled meeting on August 18, after which an official public statement of the government’s position on the transaction will be released.

This formal consultation process comes after weeks of mounting controversy that has put increasing pressure on the Belizean government to take a transparent stance. Shortly after BTL’s board approved the transaction earlier this month, union organizers led repeated public protests outside BTL’s headquarters, raising concerns over the terms of the deal and potential impacts on workers. The BCCI has also publicly criticized the process, claiming the acquisition was pushed forward as a pre-decided outcome before adequate regulatory safeguards could be put in place to protect public interest. Even sitting cabinet ministers have previously declined to comment on the matter, noting that they would not share positions until they received an official, comprehensive briefing on all details of the proposed acquisition. Critics have gone as far as labeling the government’s prior silence on the high-stakes deal as a blatant act of disrespect to the people of Belize, amplifying calls for a transparent, inclusive decision-making process.