The CARICOM Competition Commission says the proposed acquisition of Columbus International Inc by Cable and Wireless Communications Plc “has the potential to prejudice trade and prevent, restrict or distort competition within the CSME with the possibility of cross-border effects.” The regional agency has instructed the national competition authorities in CARICOM member states to do a preliminary examination of the matter and submit findings within 30 days.
The Commission has also asked telecommunications regulators to do a preliminary examination of the potential impact of the proposed acquisition on regional markets. This is also to be completed within 30 days. In a brief statement yesterday, the Commission said it is committed to a fair and transparent process in determining the matter and will advise of any further action once the requested reports are received.
The proposed acquisition was approved by Jamaica earlier this month but approvals are needed from T&T and Barbados, as well as US anti-trust authorities and that country’s telecommunications regulator. The acquisition was approved by CWC shareholders in early December, 2014. ¤