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.