PLDT Inc. divested its remaining stake in business process outsourcing provider SPi Global Holdings Inc.
Partners Group, a global private market investment manager, agreed to acquire SPi Global, which is controlled by CVC Capital Partners and PLDT Global Investments Corp., an indirect subsidiary of PLDT. The transaction valued SPi at $330 million.
PLDT, through PGIC, has an 18.32-percent economic interest in SPi.
PLDT sold its BPO businesses owned by its then wholly owned subsidiary—SPi Global Holdings, Inc.—to Asia Outsourcing Gamma Limited, a company controlled by CVC, in 2013.
PLDT then reinvested about $40 million of the proceeds from the sale in the said business.
AOGL subsequently divested its healthcare BPO and customer relationship management businesses in 2014 and 2016, returning $53 million in proceeds to PLDT through PGIC.
“Completion of this acquisition by Partners Group will be subject to certain closing conditions,” PLDT said.
Cash distributions to PLDT will be determined after the acquisition is completed.
PLDT, partly owned by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT group, earlier posted a net income of P4.95 billion in the first three months, down 20 percent from P6.21 billon in the same period last year.