Converge ICT Solutions Inc. said Thursday it acquired a 40-percent stake in an operator of cable landing stations in the Philippines for $4.84 million.
The fiber optic broadband operator said in a disclosure to the stock exchange it signed an agreement with Digital Telecommunications Phils. Inc. to buy 10 million common shares in Digitel Crossing Inc. for $0.484 apiece or a total price of $4.84 million.
Converge ICT said the full purchase price was paid in cash upon the signing of the deed of absolute sale. “Acquiring DCI will promote synergies in the telecommunications business of Converge and is meant to implement the joint venture between Converge , DCI and Pacnet Network [Philippines] Inc.,” it said.
“Bringing DCI into CNVRG will promote the strategic imperative of CNVRG to expand its capabilities in telecommunications since it acquires interest in entities involve in providing, operating and maintaining the cable landing stations of EAC and C2C international cables,” Converge ICT said.