Guam – GTA TeleGuam Monday announced that the Guam Public Utilities Commission has approved the company’s request for a transfer of ownership by a new private equity investor.
In a unanimous vote after a public hearing Monday evening in Hagatna, the GPUC gave GTA TeleGuam a green light to proceed with its transaction with Advantage Partners, the largest private equity investment firm based in Japan. More than two thirds of Advantage Partners’ capital comes from global investors outside of Japan.
GTA TeleGuam must also get approval from the Federal Communications Commission before Advantage Partners can assume ownership of the company from Shamrock Capital Advisors. GTA TeleGuam announced its deal with Advantage Partners Nov. 15. It expects to complete the transaction in mid-2011.
“We appreciate the Public Utilities Commission’s diligent review and approval of this transaction,” said Daniel Tydingco, executive vice president of external and legal affairs for GTA TeleGuam.
“This transaction is good for all stakeholders including investors, customers, employees, and the island of Guam,” Tydingco said. “Our new financial backers intend to retain all employees and management team and operate with business as usual.”
With Advantage Partners, GTA TeleGuam maintains a strong and supportive owner that is willing to provide corporate and financial resources needed to better serve customers and aggressively tap the growing communications market in Guam.
“Continued strong and fair competition on Guam benefits the public interests,” Tydingco said.