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MANILA, Philippines – Philippine Long Distance Telephone Co. (PLDT) said Tuesday, April 30, it acquired nearly 20% of a unit of global private equity firm CVC Capital Partners.
PLDT bought 19.7% of Asia Outsourcing Gamma Limited (AOGL), to which it sold the business process outsourcing (BPO) business of wholly-owned subsidiary SPi Global Holdings Inc.
PLDT earned $300 million from the sale of the BPO business. It used $40 million of the amount to buy the AOGL stake.
“PLDT reinvested the proceeds in AOGL, and will continue to participate in the growth of the business as a partner of CVC,” the Manuel V. Pangilinan-led telecommunications firm said.
The intention to sell the BPO business was announced by PLDT in February 2013 and arose from its regular review of its strategy and portfolio.
Pangilinan described the sale as “an opportunity for PLDT to realize attractive returns for the benefit of the group and its stakeholders.”
Aside from BPO, SPi is engaged in the educational publishing business. – Rappler.com
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