Partners Group acquiring SPi Global for $330 million

The Partners Group, a private markets investment manager with US$60 Billion assets in its portfolio, is acquiring SPi Global (SPi), a provider of outsourced services to the world’s largest education, science, technical, and medical research publishers, for $330 million on behalf of its clients.

PLDT, Inc. yesterday made the disclosure to the Philippine Stock Exchange.

Through its indirect subsidiary, PLDT Global Investments Corporation (PGIC), PLDT, controls 18.32% of SPi.

In 2013, PLDT’s then wholly-owned subsidiary, SPi Global Holdings, Inc. sold the telco’s Business Process Outsourcing (BPO) concerns to Asia Outsourcing Gamma Limited (AOGL), which is controlled by CVC Capital Partners Asia III (CVC).

PLDT then re-invested US$40 million of the proceeds from the sale in the business.

In 2014 and 2016, AOGL subsequently divested its healthcare BPO and customer relationship management businesses, returning US$53 million in proceeds to PLDT, through PGIC.

Now, the Partners Group is acquiring SPi from companies controlled by PGIC and CVC.

The Partners Group’s completion of SPi’s acquisition will be subject to certain closing conditions and cash distributions to PLDT will be determined after the acquisition is completed.

Founded in 1980 and headquartered in Manila, SPi serves top global education, technical and research publishers as well as business application customers, covering author support and content development, through copy editing and typesetting, to digitalization, database management, and data analytics.

SPi serves its clients in 14 languages through 12 delivery operations globally and employs more than 12,500 people.

Following the acquisition, Partners Group will work with SPi’s management team to expand the company both organically and through select acquisitions.

This means more offerings to be added to SPi’s service catalogue and widening its business applications segment.

“After a period of dynamic growth under our prior owners, we look forward to working with the Partners Group to complement our global footprint as well as client service capabilities,” remarked SPi Global President and CEO Ratan Datta.

The Partners Group’s experience, global network and strategic interest in the content and learning sectors can “support our continued growth while maintaining the client-centric approach which has allowed us to become the leading provider in the content services market.”

Following the transaction, three senior Partners Group executives will join SPi’s Board of Directors at

SPi - Cyrus Driver, managing director, Private Equity Directs Asia, Christian Unger, managing director, Industry Value Creation, and Florian Marquis, senior vice president, Private Equity Directs Asia.

The Partners Group, which is headquartered in Zug, Switzerland, manages a broad range of customized portfolios for an international clientele of institutional investors.

Majority owned by its partners and employees, the firm employs over 900 people and is listed on the SIX Swiss Exchange.

It has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Shanghai, Seoul, Tokyo, Sydney, and Manila.