Telco giant PLDT has announced it has entered into an agreement to sell the business process outsourcing businesses owned by its subsidiary ? SPi Global Holdings ? to Asia Outsourcing Gamma Limited, a company controlled by London-based CVC Capital Partners.
The sale of the BPO business is expected to be completed by March 2013, after satisfaction of agreed closing conditions. UBS acted as exclusive financial adviser to PLDT.
SPi is a major player in the customer interaction, healthcare, and publishing markets. It also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail, and travel.
PLDT said it will reinvest some of the proceeds from the sale into Asia Outsourcing Gamma Limited and continue to participate in the growth of the business as a partner of CVC with an approximate 20-percent stake.
PLDT chair Manuel V. Pangilinan said the divestment is part of the company?s strategic plans.
?The transaction announced today represents an opportunity for us to realize attractive returns for the benefit of the PLDT group and its stakeholders. At the same time, we are very happy to be a 20 percent partner with CVC in the business going forward as we remain very confident in the long-term prospects of SPi,? he said.
Maulik Parekh, SPi Global president and CEO, remarked: ?We welcome CVC and look forward to working with them as we begin the next phase of growth for SPi. Similarly we are very pleased to be continuing our relationship with PLDT who will remain a shareholder in SPi.
?We have an excellent team at SPi and a strong business model which I am confident will allow us to capitalize on the significant market opportunities available to us for the benefit of our customers, employees and stakeholders alike.?
