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CVC in exclusive talks to buy control of PLDT unit -source
January 10, 2013 / 4:05 AM / 5 years ago

CVC in exclusive talks to buy control of PLDT unit -source

HONG KONG, Jan 10 (Reuters) - Private equity firm CVC is in exclusive talks to buy a majority stake in SPi Global Holdings, a business outsourcing unit of Philippine Long Distance Telephone Co, for about $320 million including debt, a source familiar with the matter told Reuters.

PLDT, Manila’s second-most valuable listed company, had put an 80 percent stake in SPi Global on the block last year as it looks to shed non-core businesses. The auction attracted interest from global buyout firms including Bain Capital and Carlyle Group as well as CVC, Thomson Reuters publication Basis Point reported on Wednesday.

PLDT said in a Philippine Stock Exchange filing last month that it was finalising a deal without identifying the buyer.

CVC and Carlyle declined comment, while PLDT and Bain did not offer an immediate comment.

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