Pursuits
San Miguel Ends Telco Push With $1.5 Billion ‘Master Stroke’
- Sale of carrier to PLDT, Globe to boost funding for projects
- Shares of conglomerate, carriers soar after deal announced
PLDT, Globe to Buy San Miguel Telecom Unit for $1.5B
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San Miguel Corp. President Ramon Ang gave up his telecom ambitions by agreeing to a $1.5 billion deal that raises money for his energy, infrastructure and other businesses’ expansion.
Philippine Long Distance Telephone Co. and Globe Telecom Inc. acquired the telecommunications business of San Miguel Corp. for about 70 billion pesos ($1.5 billion), including debt, according to statements from the companies Monday. PLDT and Globe are each taking a 50 percent stake in the business and saw their shares soar after the announcement.