Philippine telco acquires BPO company

12.07.2006
Philippine Long Distance Telephone Co. (PLDT), through subsidiary ePLDT, has finalized the acquisition of business process outsourcing firm SPi Technologies Inc. and its direct and indirect Philippines and offshore subsidiaries.

EPLDT acquired 100 percent of the shares of SPi Technologies, Inc., from SPi's sole shareholder, SPi Tech L.P. for US$135.34 million in cash, PLDT said in a disclosure Tuesday.

As part of the transaction, ePLDT also acquired a $ 7.0 million debt owed by SPi at face value. In addition, ePLDT advanced $ 16.43 million to SPi in order for SPi to fully pay its debt owed to DBS Bank Singapore.