ABS-CBN reported that the Philippine Competition Commission (PCC) had allowed the sale of Sky Cable's broadband internet business to PLDT, one of the Philippines' major telecommunications providers.
According to Sky Cable's parent company ABS-CBN, the deal, which involves the sale of 100 percent of Sky Cable's total issued and outstanding capital stock, is still subject to a number of closing conditions.
As per reports, the total value of this sale is PHP 6.75 billion, covering 1.37 billion shares sold at PHP 4.9043 each.
Manny V. Pangilinan-led firm PLDT said the acquisition would boost coverage in remote areas, benefiting subscribers of both companies.
Some of the current products of PLDT are Fiber Unli, Fiber Plus, Home Biz, WiFi Mesh Systems, Wired Landline, Wireless Landline, and Cignal TV, which are all can be availed via its official website (https://pldthome.com).
ABS-CBN noted that it will disclose the material information to update the disclosure made to the exchange once it becomes available.
Meanwhile, Sky Cable has released an announcement on its official website (https://ift.tt/ckQErHp).
Here's the advisory:
Dear SKY subscribers, we wish to inform you of PLDT's agreement to acquire SKY. While awaiting the required regulatory approvals, we assure you that SKY's broadband and cable TV services will continue. Once approvals are obtained, SKY is committed to assisting all its cable TV subscribers to ensure a transition to their preferred service. Thank you.
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