MANILA Feb 5 Philippine Long Distance Telephone
Co said it will sell a majority stake in its business
process outsourcing unit to private equity firm CVC Capital
Partners Ltd - a deal that underlines rising interest
in the Philippines as an investment destination.
Terms were not disclosed but last month a source familiar
with the matter told Reuters that the deal was valued at about
$320 million including debt.
PLDT, the country's second-most valuable listed firm, said
it would sell an 80 percent stake in SPi Global Holdings, a
diversified business process outsourcing firm with global
operations, and keep the remaining holding.
The unit had also attracted interest from other buyout firms
including Bain Capital and Carlyle Group, according to
Basis Point, a Thomson Reuters publication.
The deal is expected to be completed next month. PLDT said
it continually reviews its strategy and portfolio and the sale
represented an opportunity to realise attractive returns for
UBS was PLDT's exclusive financial adviser.
SPi has more than 18,000 employees and operations in the
United States, Europe, the Philippines, India, Vietnam and