PLDT sells BPO arm SPi Global

The Philippine Long Distance Telephone Company (PLDT) is selling its Business Process Outsourcing (BPO) businesses owned by its wholly-owned subsidiary, SPi Global Holdings, Inc. (SPi). In a disclosure Tuesday, PLDT said it is selling its BPO business to Asia Outsourcing Gamma Limited, a company controlled by CVC Capital Partners (CVC), and that sale is expected to be completed by March 2013. The telecommunications company said it will reinvest some of the sale's proceeds into Asia Outsourcing Gamma Limited and continue to participate in the growth of the business as a partner of CVC with an approximate 20 percent stake. PLDT chairman Manuel Pangilinan said the transaction “represents an opportunity for us to realize attractive returns for the benefit of the PLDT group and its stakeholders." "At the same time, we are very happy to be a 20% partner with CVC in the business going forward as we remain very confident in the long-term prospects of SPi,” he added. SPi is one of the world's largest and most diversified BPO service providers in terms of clients, geographic presence, and capabilities. It provides domain expertise in the customer interaction, healthcare, and publishing markets. SPi also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail, and travel. — KBK, GMA News