GTA's majority owner, Japan's Advantage Partners, has tapped Citigroup to help it find a buyer for its controlling stake in Guam's incumbent telco, reports Reuters, citing people close to the matter.
According to the unnamed sources, a sale of GTA could fetch Citigroup $300 million.
Advantage, Citi and GTA would not provide a comment to Reuters.
The former state-run GTA was privatized in 2005 when the Guam government sold ownership in the service provider to TeleGuam Holdings, a subsidiary of California-based Shamrock Capital Advisors.
Guam's Public Utilities Commission (PUC) approved the sale of GTA to private equity firm Advantage Partners in February 2011. The sale of GTA gained FCC approval later that June.
One of the more recent developments at GTA is that the company joined the Southeast Asia--United States (SEA-US) consortium to help build a 9,300-mile trans-Pacific submarine cable system. Other members of the consortium include P.T. Telekomunikasi Indonesia International (Telin), Telkom USA, Globe Telecom, GTI Corporation, and RAM Telecom International (RTI).
- Reuters has this article
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