Race for BTC Heats Up

Several strategics and private equity shops with experience in the telecom industry have expressed interest in acquiring a 51% stake in the state-owned Bahamas Telecommunications Company (BTC), according to Mario Gutierrez, the Citi banker hired in July to lead the sale effort. He declines to name potential buyers, but an industry analyst says America Movil and Telefonica would be likely suitors. Due diligence is scheduled to begin in September. A person close to the transaction estimates that the company as a whole could be worth about $600m, equal to about 6x 2008 Ebitda.