PLDT Inc. on Thursday, March 16, 2023, entered into a sale and purchase agreement with the Lopez Group for the 100 percent acquisition of Sky Cable Corp. for P6.75 billion.
PLDT will acquire the sale shares from Sky Vision Corp., ABS-CBN Corp. and Lopez Inc. The acquisition consists of 1,376,340,854 common shares priced at P4.9043 per share.
Sky is primarily engaged in the business of providing broadband services marketed as Sky Fiber and enterprise cable broadband services marketed as Sky Biz. In addition to the broadband business, Sky also provides pay TV and cable services.
The acquisition covers the broadband business and related assets of Sky subject to compliance with certain conditions which include, among others, the termination or cessation of operations by Sky of its pay TV and cable businesses, obtaining all applicable government approvals and clearances, obtaining all required consents and corporate actions, and payment of the purchase price.
“The proposed transaction is aligned with PLDT’s mission to narrow the digital divide by expanding broadband connectivity and supports the government’s push to expand the nation’s digital infrastructure,” PLDT said.
PLDT will pay P6.345 billion, representing 94 percent of the purchase price on the closing date while the balance of P405 million or six percent shall be paid upon the delivery of the Certificate Authorizing/Tax Clearance issued by the Bureau of Internal Revenue for the sale and purchase transaction and compliance with other post-closing deliverables.
This development is expected to benefit the existing broadband subscribers of both PLDT and Sky by strengthening and expanding the coverage of their offerings and services, particularly in remote areas; and upgrading overall customer experience through the combined expertise, resources, and capabilities of PLDT and Sky.