PLDT sells remaining stake in SPi Global to Swiss company
PLDT, INC. is selling its remaining stake in business process outsourcing (BPO) provider SPi Global Holdings, Inc. to Swiss investment firm Partners Group as part of a $330-million deal.
Partners Group has agreed to acquire SPi Global from CVC Capital Partners Asia III and PLDT Global Investments Corp. (PGIC), an indirect subsidiary of PLDT that owns an 18.32% economic interest in the Manila-based BPO, the dominant telco said in a disclosure to the stock exchange.
The completion of the acquisition will be subject to certain closing conditions, PLDT said in a disclosure on Monday. Cash distributions to PLDT will be determined after the transaction is completed.
The telco giant relinquished control of SPi for $300 million to Asia Outsourcing Gamma Limited (AOGL), a company controlled by CVC, in 2013. PLDT then reinvested approximately $40 million of the proceeds from the sale.
AOGL has subsequently divested its health care BPO and customer relationship management businesses in 2014 and 2016, returning $ 53 million in proceeds to PLDT.
PLDT had intended to “tag along” with any potential sale by CVC, Chairman Manuel V. Pangilinan said last year.
Founded in 1980, SPi provides publishing services across the entire value chain to the top global education, technical and research publishers as well as business application customers. SPi serves its clients in 14 languages through 12 delivery operations globally and employs more than 12,500 people.
“As the publishing world transforms and expands at a rapid pace, SPi has a very exciting opportunity to support its customers with an enhanced range of services and leading edge technology solutions,” Partners Group Managing Director Cyrus Driver was quoted in the statement as saying.
“As the segment leader, SPi also has the opportunity to consolidate the industry and drive ever higher efficiencies for its customers,” Mr. Driver said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.
Shares in PLDT added P17 or 1.06% to close at P1,627 each on Monday.