The business community is praising Cable Bahamas Limited's (CBL) move into the U.S. market, calling its acquisitions a rare, if not unprecedented moment for local industry.
CEO of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) Winston Rolle said CBL has "absolutely the right mentality". He said more Bahamian companies, particularly those listed on the Bahamas International Securities Exchange (BISX), should adopt a broader perspective.
"The Bahamas has a limited market capacity in terms of size. The only way to grow would be to look outside, and that's why as a chamber we have been doing a number of things, such as trade missions to Haiti and soon Panama," he added. "Bahamians need to look to do business elsewhere."
The comments follow CBL's formal announcement that will acquire telecommunications companies in Florida with the aim of tapping up to 18 million new U.S. customers. The deal, worth $65 million, is essentially unprecedented, according to James Smith, a former governor of the Central Bank.
CBL now requires regulatory approval in both The Bahamas and the U.S. before the deal officially goes through.

"It is the first time I have ever heard of it," he told Guardian Business. "I don't see approval being a problem, except it has implications for foreign reserves. As a local company, their revenue base is in Bahamian dollars. I don't think it's a problem but they need approval."
Guardian Business understands that CBL plans to trade under an entirely different name in Florida. That said, the overall logistics of the U.S. division and how it fits in with Bahamian operations are still relatively unknown.
"It really is an intriguing proposal," Smith added. "Usually, these deals are the other way around. Also, given the U.S. and its efficiency in the cable market, and the number of firms, it seems rather ambitious."
The former state minister of finance said CBL was "preparing for the future", in the sense that exclusivity agreements have come to an end in the telecommunications market. Bahamas Telecommunications Company (BTC) has made its intentions known concerning a TV product in 2013.
Inevitably, the introduction of a competitor should eat into its market share.
"Cable Bahamas might very well be trying to rebalance by going international," he told Guardian Business.
Smith anticipated, however, that the customer should ultimately benefit as the two companies grow and improve.
Rolle from the BCCEC hoped CBL's move will inspire other businesses to not have a "closed" approach.
He said The Bahamas tends to have a "laissez-faire" way of doing business, and entering the U.S. market could up its game. Local business should ultimately be enhanced through CBL's ambitions.
Keith Davies, the CEO of BISX, agreed with Smith that he has never heard of such an expansion by a publicly-listed company into the U.S.
"It is unique what they are doing. The way the world is going, if you're not thinking internationally, you'll have difficulty. Those international companies will come here," according to Davies.

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