TelEm Group, A St. Martin Firm, Announces Purchase Agreement For Takeover Of Innovative St. Martin

TelEm Group, a St. Martin firm, announced on Wednesday the signing of a purchase agreement to takeover ownership of St. Maarten Cable TV from its present owner Innovative. The move comes on the heels of ATN International's purchase of Innovative, which has arms in the British Virgin Islands and St. Martin. The sale indicates ATN International's -- which operates as Choice Communications in the territory -- intention to focus its efforts on strengthening its brand at least in the U.S. Virgin Islands, while selling off other assets. It is not known whether ATN International will keep its B.V.I. assets. Negotiations resulting in the purchase agreement were conducted by the TelEm Group Partnering Committee, along with telecommunication merger and acquisition specialists, according to the TelEm Group release, made available to The Consortium this morning. The announcement is being made simultaneously with St. Maarten Cable TV and TelEm Group personnel following months of negotiati...