Philippines-based PLDT agreed to acquire 100 per cent of Sky Cable for PHP6.8 billion ($123.9 million), the operator’s third attempt to take control of a rival’s broadband business.
In a stock market filing, PLDT said its board approved the tie-up after reaching a deal with Sky Cable’s three major shareholders: Sky Vision, ABS-CBN and Lopez.
The transaction covers 1.38 billion common shares.
PLDT’s proposed acquisition of Sky Cable’s broadband and related assets is subject to standard regulatory approvals and requires the company to shutdown pay-TV and cable business operations.
Sky Cable’s customer base comprised more than 300,000 cable users and nearly 350,000 broadband subscribers at end-June 2022, The Fast Mode reported.
In its Q3 2022 earnings, PLDT indicated it had 3.2 million fixed-line broadband subscribers.
PLDT subsidiary Cignal Cable entered into an agreement to take a near 39 per cent stake in Sky Cable in August 2022, but the deal fell apart within days after strong political opposition to the investment.
The operator ended its first bid to acquire Sky Cable in late 2020 due to regulatory hurdles.