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.
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.
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