PLDT Acquiring Sky Cable Corp.'s Broadband Business for P6.75 Billion
PLDT, a leading telecommunications provider in the Philippines, has announced its plan to acquire Sky Cable Corp.'s broadband business for P6.75 billion. This acquisition will cover 100% of Sky's total issued and outstanding capital stock, including 1.38 billion common shares.
The sale and purchase agreement with ABS-CBN Corp. will allow PLDT to expand its broadband connectivity network nationwide, offering faster and more reliable internet services to customers.
Meanwhile, ABS-CBN Corp. is expected to net P4 billion from the sale, covering 58.7% of their outstanding shares in Sky Cable. The remaining proceeds will be used by Sky Vision Corp. to settle its obligations to ABS-CBN.
The transaction has been approved by PLDT's board of directors on Thursday, marking a significant move in the country's telecommunications industry. This move also comes after Pangilinan's decision to pull out its bid to purchase Sky Cable back in 2020 in a bid to evade regulatory attention.
It remains to be seen how the acquisition will play out, but one thing is certain: it will have a significant impact on the country's broadband industry. As more and more Filipinos rely on the internet for work, education, and entertainment, it's important to keep a close eye on developments like this.
In the meantime, consumers can continue to shop around for the best broadband deals and make their voices heard by supporting policies and initiatives that promote competition, affordability, and quality service.
(via Philstar.com)
No comments:
Comments on GameOPS are moderated. Please keep your comments relevant to this blog entry.
If you don't have a Google, LiveJournal, Wordpress, AIM, Typepad or OpenID account, please choose NAME/URL when posting a commment. Anonymous comments will be rejected.