Filipino operator Globe Telecom has applied for regulatory approval for its takeover of Bayan Telecommunications (Bayantel).
The filing with the National Telecommunications Commission (NTC) was made last month, according to Globe CEO Ernest…
Filipino operator Globe Telecom has applied for regulatory approval for its takeover of Bayan Telecommunications (Bayantel).
The filing with the National Telecommunications Commission (NTC) was made last month, according to Globe CEO Ernest Cu.
Bayantel also applied to the NTC and Cu said he was hopeful the companies would receive approval before the end of the year, Rappler reported.
In September Globe obtained court approval to restructure Bayantel’s debt and convert it into 38.3% of the struggling fixed-line operator’s equity.
Globe is now looking to convert further Bayantel debt into stock. Should it receive approvals it will then own 56.6% of the indebted telco. Globe launched a tender offer to buy Bayantel’s debt at the end of last year.
CFO Albert de Larrazabal previously told TelecomFinance that Bayantel would be “a good synergy for our business, a nice bolt-on”. This is due to its infrastructure assets in areas where Globe is not present and its LTE-suitable spectrum in the 1800 MHz band.