Philippines-based operator PLDT agreed to acquire cable TV and broadband provider Sky Cable, in a move to bolster the operator’s broadband offering.
In a stock market filing, PLDT detailed the sale and purchase agreement for 100% of shares in Sky Cable for PHP6.75 billion (US$123 million).
The sale which covers over 1.38 billion common shares, was reached with Sky Cable majority shareholders Sky Vision, ABS-CBN and Lopez.
The closing of the deal is subject to certain conditions, namely the termination of Sky Cable’s TV and cable business, gaining regulatory approval, internal consent and payment of the purchase price set at PHP6.34 billion. The PLDT board has already approved the transaction.
The acquisition is expected to benefit existing broadband subscribers of PLDT and Sky Cable by expanding coverage, particularly in remote areas by combining the resources of both providers.
PLDT said the acquisition aligns with its strategy to “narrow the digital divide” and support government efforts to expand digital infrastructure.
The operator tried to acquire a 39% stake in Sky Cable in August through its subsidiary Cignal Cable, but the deal fell through due to strong opposition.
