PLDT sells BPO unit to AOGL, acquires 19.7% of AOGL with part of proceeds

Philippine Long Distance Telephone Co. (PLDT) has completed the sale of its wholly-owned business process outsourcing (BPO) unit SPi Global Holdings Inc. to Asia Outsourcing Gamma Limited, with net proceeds of $300 million from the sale, the company said in a statement Tuesday. AOGL is a subsidiary of European private equity company CVC Capital Partners. PLDT also announced that it reinvested $40 million of the proceeds to acquire a 19.7-percent interest in AOGL. The telco earlier said that its reinvestment SPi through AOGL would allow it to continue to participate in the growth of the business as a partner of CVC. PLDT chairman Manuel V. Pangilinan described the sale as “an opportunity for PLDT to realize attractive returns for the benefit of the group and its stakeholders.” He said that the company's investment in AOGL demonstrates its confidence in SPi's long-term prospects. UBS acted as exclusive financial adviser to PLDT for the transaction. 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 across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail, and travel. — BM, GMA News