MANILA, Philippines - Philippine Long Distance Telephone Co. (PLDT) on Tuesday said it has completed the sale of its stake in business process outsourcing unit SPi Global Holdings Inc. to European private equity firm CVC Capital Partners.
In a statement, PLDT said the net proceeds from the sale to CVC Capital's Asia Outsourcing Gamma Ltd. is over $300 million.
PLDT said it acquired a 19.7% interest in Asia Outsourcing Gamma, after reinvesting $40 million of the proceeds as it seeks to participate in the growth of the business.
PLDT chairman Manuel V. Pangilinan said the sale was "an opportunity for PLDT to realize attractive returns for the benefit of the group and its stakeholders", while reinvesting in Asia Outsourcing Gamma is a sign of confidence in the long-term prospects of SPi.
UBS acted as exclusive financial adviser to PLDT for the transaction.
SPi Global is a leading globally recognized, full-service BPO provider with 30 offices and facilities around the world, including the US, Netherlands, Philippines, India, Vietnam and Australia. It has over 18,000 employees delivering a wide range of solutions in Customer Relationship Management, Content, and Healthcare.