PLDT Set To Aquire Sky’s Broadband Division

pldt purchase sky broadband

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PLDT, in a statement made to the Philippine Stock Exchange on Thursday, said that it is set to purchase the broadband division of Sky Cable Corp. for PHP 6.75 billion.

PLDT to Purchase Sky Cable Corp., broadband division

The aforementioned sale and purchase agreement with ABS-CBN Corp. will cover 100% of Sky’s whole issued and outstanding capital stock.

Also, Sky Vision Corp., ABS-CBN Corp., and Lopez Inc. are the current owners of Sky. The deal comprises 1.38 billion Sky common shares.

PLDT

By acquiring Sky’s broadband division, PLDT would expand the reach of its countrywide internet connectivity network.

In a separate filing, ABS-CBN stated that the transaction will involve 58.7% of its outstanding Sky Cable shares. It’s anticipated that the sale will bring in P4 billion for the struggling television network.

Sky Vision Corp. would also utilize the money from the share and sale transaction to pay off its debts to ABS-CBN. 

Source

Migs Palispis

Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later.

Currently he writes for Gadget Pilipinas and Grit.PH.

He is also a musician, foody, gamer, and PC enthusiast.

Picture of Miguel Palispis

Miguel Palispis

Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later. Currently he writes for Gadget Pilipinas and Grit.PH. He is also a musician, foody, gamer, and PC enthusiast.

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