Filipino incumbent PLDT is selling its outsourcing unit to PE firm CVC Capital, according to a filing with the local bourse today.
PLDT’s SPI Global Holdings will be sold to CVC’s Asia Outsourcing Gamma Limited. The telco said it will reinvest some…
Filipino incumbent PLDT is selling its outsourcing unit to PE firm CVC Capital, according to a filing with the local bourse today.
PLDT’s SPI Global Holdings will be sold to CVC’s Asia Outsourcing Gamma Limited. The telco said it will reinvest some of the proceeds into Asia Outsourcing Gamma, and continue to have a 20% stake in SPI.
The Filipino operator’s sole advisor was UBS. The sale price was not disclosed but Reuters reported that the enterprise value for the deal was US$320m (PhP13bn), citing a source familiar with the matter.
Completion of the transaction is expected in March.
Commenting on the deal PLDT’s chairman, Manuel Panglinan, said: “We continually review our strategy and our portfolio. The transaction announced today represents an opportunity for us to realise attractive returns for the benefit of the PLDT group and its stakeholders”.
Yesterday PLDT confirmed that it signed a US$300m five-year loan with four banks which it said would be used to refinance PLDT’s existing debt and fund capex.
