Sure's proposed acquisition of Airtel-Vodafone in the Channel Islands has edged one step closer to completion following the move to suspend competition law to allow the merger.
The deal already received approval in Jersey earlier this year, but has now also been approved in Guernsey, the other main island which forms the Channel Islands.
A proposal to bypass the existing competition law was approved by 27 votes to seven.
Committee for Economic Development president Neil Inder said the deal would enable Guernsey to become "one of the best connected places in the world."
“Today’s decision is great news for Sure and Airtel customers and the future of telecommunications services in Guernsey and Jersey," said Sure CEO Alistair Beak. "We are grateful that Deputies have recognized the numerous strategic, economic, and social benefits of our acquisition of Airtel."
The acquisition, first announced in October 2022, will result in just two telecom companies, Sure and Jersey Telecom, in the Channel Islands.
Financial terms of the acquisition have not been revealed, but Beak said that Sure will invest up to £48 million ($64.37m) to deliver a 5G mobile network for the islands.
As part of the agreement, Sure has said it will also launch the Channel Islands Coop as an MVNO (mobile network virtual operator). MVNOs provide mobile services but do not own the network infrastructure they use.
“The investment in world-class digital infrastructure will support our increasingly digital lives, connecting our island communities to a better future and contributing to economic growth," added Beak.
“Having secured approval in Jersey earlier in the year we can now move forward and complete the transaction in the coming weeks. In the meantime, Sure and Airtel Vodafone will continue to operate as two separate companies."
Sure's parent company is Bahrain-based telco Batelco. The company provides telecommunication services across Guernsey, Jersey, and the Isle of Man.
Founded in 2007, Airtel-Vodafone serves both Guernsey and Jersey and claims to have a subscriber base of over 45,000.
The Channel Islands, which is located in the English Channel, off the French coast of Normandy, has a population of more than 170,000 people.
Sure can trace its roots back more than 120 years. The international division of Cable & Wireless bought Guernsey Telecoms from the States of Guernsey in 2002, rebranding it as Sure in 2007 and expanding to other islands such as Jersey and the Isle of Man, the latter of which is located in the Irish Sea. The company was acquired by Batelco in April 2013.
The company also operates in Diego Garcia, an island of the British Indian Ocean Territory, as well as the Falkland Islands, St. Helena, and Ascension Island.
