Philippine Long Distance Telephone Co To Sell Outsourcing Unit To CVC Capital Partners Ltd-Reuters

Reuters reported that will Philippine Long Distance Telephone Co 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. PLDT would sell an 80% 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.