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Philippines' PLDT, Globe to buy San Miguel's assets in $1.5bn deal

Staff writer |
The Philippines' top two telecoms firms agreed to buy conglomerate San Miguel Corp's assets in the sector for nearly $1.5 billion in a joint deal.

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They said the deal will significantly upgrade slow internet services that have been a drag on one of Asia's fastest-growing economies.

In separate statements, Philippine Long Distance Telephone and Globe Telecom said they will acquire subsidiaries of food-to-power group San Miguel that include a prized 700-megahertz frequency. The transaction is valued at 69.1 billion pesos ($1.48 billion), they said.

PDLT and Globe will each acquire 50 percent of the San Miguel telecoms business just a few months after San Miguel's attempts to seal a joint venture with Australia's Telstra Corp collapsed. The deal is subject to shareholder and regulatory approvals.

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