Globe expands into ICT business, buys Asticom Technology

Globe Telecom Inc. on Wednesday said it bought Asticom Technology Inc. as part of a strategy to have a strong presence in the information and communication technology (ICT) business.

 

In a disclosure to the Philippine Stock Exchange Wednesday, the telco said it signed on Tuesday a deal with major stockholders of Asticom Technology to buy them out of the company.

 

Globe is buying the 49 percent equity stake of Azalea Technology Inc.  and the 51 percent of SCS Computer Systems in Asticom Technology. Azalea Technology is a wholly-owned unit of Globe parent Ayala Corp., and SCS Computer is a unit of Singapore Telecom – Ayala's minority partner in Globe.

 

“Globe’s acquisition of Asticom is in line with its strategy to expand its business operations in the information technology space,” the telco noted in the disclosure, citing Asticom as a global company that provides systems integration and information technology services. – VS, GMA News