GTA TeleGuam has gotten the Guam Public Utilities Commission's (GPUC) permission to complete its sale to Japanese equity firm Advantage Partners.
Now GTA needs the FCC's approval before Advantage can officially take over ownership of the service provider from California-based Shamrock Capital Advisors.
After it gets FCC approval--which it believes it will have to complete the deal sometime in mid-2011--Advantage will acquire GTA TeleGuam for an undisclosed amount from California-based Shamrock Capital Advisors.
"This transaction is good for all stakeholders including investors, customers, employees, and the island of Guam," said Daniel Tydingco, executive vice president of external and legal affairs for GTA TeleGuam, adding that "our new financial backers intend to retain all employees and management team and operate with business as usual."
As previously announced in November, Advantage hopes to cash in on GTA TeleGuam's continual buildup of its wireline and wireless investments in response to the transfer of a major Marine base from Okinawa to Guam.
Advantage's move to acquire GTA TeleGuam from fellow equity firm Shamrock Capital is representative of an ongoing trend that emerged in 2010 where private equity firms found it was the right time to put their money to work in new service provider investments. Joining Advantage in this drive were: Alinda Partners (acquired 50 percent stake in DukeNet); ABRY Partners (acquired RCN Corp.); and Court Square (acquired FiberTech from Nautic Partners and Ridgemont Equity Partners).
For more:
- see the release
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