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PLDT to Gobble Up 51.55% of Digitel

Philippine teleco giant Philippine Long Distance Telephone Co. (PLDT) finally confirmed rumors that it is acquiring a majority stake at Digitel Telecommunications Philippines, Inc. (DTPI), the operator of Sun Cellular.

PLDT is set to buy 51.55% of shares from Digitel worth P69.2 billion, to be paid through an offering of new shares at P2,500 each to JG Summit Holdings, mother company of Digitel. Assuming minority shareholders agree to the buy-in, the total transaction is pegged at P74.1 billion.

PLDT said that it plans to keep the mobile operations of Digitel (Sun Cellular) separate and intact. This gives PLDT three telecommunications company under its control: Smart/Talk 'N Text, Red Mobile and Sun Cellular.

You may want to say goodbye to these unlimited text/call services once this deal is completed. We'll be back to the old GSM wars --- Smart Vs. Globe. Less competition, high prices, bad for consumers.

If you can't beat them, buy 'em all out!
PLDT to Gobble Up 51.55% of Digitel Reviewed by Jepoy on 3/29/2011 02:59:00 PM Rating: 5

4 comments:

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