Manila—(PHStocks)—PLDT Inc. (PSE: TEL) (NYSE: PHI) has announced that Partners Group, the global private markets investment manager with over €54 billion in assets under management, has agreed to acquire SPi Global, a provider of outsourced services to education, science, technical and medical research publishers worldwide, on behalf of its clients. The company is being acquired from companies controlled by CVC Capital Partners Asia III and PLDT Global Investments Corp. (PGIC), an indirect subsidiary of PLDT. The transaction values SPi at $330 million.
PLDT, through PGIC, has an 18.32% economic interest in SPi.
It will be recalled that in 2013, PLDT sold its BPO businesses owned by its then wholly owned subsidiary – SPi Global Holdings Inc. – to Asia Outsourcing Gamma Ltd (AOGL), a company controlled by CVC. PLDT then reinvested approximately $40 million of the proceeds from the sale in the said business.
AOGL has subsequently divested its healthcare BPO and customer relationship management businesses in 2014 and 2016, returning $53 million in proceeds to PLDT (through PGIC).
Completion of this acquisition by Partners Group will be subject to certain closing conditions. Cash distributions to PLDT will be determined after the acquisition is completed.