PLDT received approval from the Philippine Competition Commission to move ahead with a take-over of Sky Cable, but the operator noted the transaction is subject to undisclosed closing conditions.

In a statement, PLDT explained the competition watchdog allowed the sale of Sky Cable’s broadband business and other related asset, but added the proposed deal would not be implemented until all closing conditions are fulfilled.

PLDT agreed to acquire 100 per cent of Sky Cable for PHP6.8 billion ($120.9 million) in 2023, a deal which would give it control of about 300,000 cable users and 350,000 broadband customers.

In a separate statement, PLDT chair and CEO Manuel Pangilinan noted it is expected to reduce capex this year, with plans to announce the final 2023 figure and guidance for 2024 when it releases full-year financials in March.

Pangilinan said its search for a new president and CEO following the surprise retirement of Alfredo Panlilio at the end of 2023 is ongoing, without elaborating.