Philippine Long Distance Telephone Co. (PLDT) and Globe Telecom Inc. has agreed to buy the equity interest of the telecommunications business of San Miguel Corporation (SMC) for a combined purchase price of PhP 70 billion.
The purchase will provide significant benefits to both PLDT and Globe to further improve Internet and data services for the public, and speed up the country’s overall development efforts.
PLDT Chief Executive Officer, Manuel V Pangilinan, said, “This transaction offers a breakthrough opportunity, not only for the companies involved but also for the industry and the country. This will enable existing operators to provide significantly improved Internet and data services to the public and to our customers in the shortest possible time. At the same time, it leaves the door open for new entrants into the industry. Taken together, this will enable the industry to better support the country’s development efforts – especially significant with the onset of a new Government.”
For his part, Ernest L. Cu, President and Chief Executive Officer of Globe said “We entered into this transaction as a solution to harmonize the spectrum assets in the country and immediately unlock the benefits of the underutilized frequencies. Ultimately, our goal is to provide our customers with a better experience on our mobile data and home broadband services progressively over the next twelve months. oupled with our execution excellence as the preferred brand for Filipinos’ digital lifestyle choices, the additional frequencies will provide the much needed capacity to improve mobile browsing speeds that our customers would enjoy.”
(Photo source: http://apocea.org/)