PLDT sells 80% of SPi Global
Philippine Long Distance Telephone Co. said Tuesday it agreed to sell 80 percent of wholly-owned unit SPi Global Holdings Inc. to Asia Outsourcing Gamma Ltd., a company controlled by CVC Capital Partners.
PLDT said in a disclosure to the stock exchange it expected to complete the sale of the BPO unit in March, after complying with closing conditions. UBS acted as exclusive financial adviser to PLDT.
“We continually review our strategy and our portfolio. The transaction announced [Tuesday] represents an opportunity for us to realize attractive returns for the benefit of the PLDT group and its stakeholders. At the same time, we are happy to be a 20 percent partner with CVC in business going forward as we remain very confident in the long-term prospects of SPi,” Manuel Pangilinan, PLDT chairman, said.
SPi is one of the world’s largest and diversified BPO service providers in terms of clients, geographic presence and capabilities.
It provides domain expertise in the customer interaction, healthcare and publishing markets. SPi also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail and travel.
Pangilinan said PLDT would reinvest some of the proceeds from the sale into Asia Outsourcing Gamma and continue to take part in the growth of the business as a partner of CVC.
“We are happy to be able to partner with PLDT in this transaction and excited to support SPi as it continues to deliver best in class BPO services and expanding capabilities to its customers,” said Brian Hong, CVC managing director.
“We see many significant opportunities within the attractive BPO segments that SPi serves and look forward to working with the exceptional team at SPi in continuing to grow the company,” he added.
Maulik Parekh, SPi Global president and chief executive, said the company would continue its relationship with PLDT, which is now a minority shareholder in SPi.
“We have an excellent team at SPi and a strong business model which I am confident will allow us to capitalize on the significant market opportunities available to us for the benefit of our customers, employees and stakeholders alike,” he said.
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