Digicel announced its plans to shutter its operations Panama last week according to the Irish Times.
Cable and Wireless Panama merged with a government owned rival, the Times reports, putting Digicel in an untenable position as a small player in an aggressive market. The Panama operation will go into voluntary liquidation.
The Times quoted Denis O’Brien as saying that, “The merger has been approved and the combined entity, in which the Panamanian government is a 49 per cent shareholder, has already engaged in predatory pricing and below-cost selling with a significant deterioration in the market in recent weeks.”
