San Miguel to Sell Telecom Assets, Philippine Inquirer Reports

PLDT, Globe to Buy San Miguel Telecom Unit for $1.5B
  • Deal, to be signed today, worth about $1 billion, report says
  • Philippine Long Distance and Globe Telecom cited as buyers

San Miguel Corp. agreed to sell its telecommunications assets to Philippine Long Distance Telephone Co. and Globe Telecom Inc. in a deal worth a little more than $1 billion, the Philippine Daily Inquirer reported Monday.

The newspaper cited people it didn’t identify. Officials from San Miguel, PLDT and Globe didn’t immediately reply to Inquirer’s request for comment. An agreement is scheduled to be signed Monday morning, the newspaper reported.

PLDT Chairman Manuel Pangilinan, Globe President Ernest Cu and San Miguel President Ramon Ang didn’t reply to mobile-phone messages from Bloomberg seeking comment. PLDT, in an advisory, said Pangilinan will hold a media briefing Monday.

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