PLDT sells 80% stake in BPO business

MANILA, Philippines—Local telecommunications giant Philippine Long Distance Telephone Co. has struck a deal to sell an 80-percent stake in its business process outsourcing businesses under Spi Global Holdings Inc. to a unit of global private equity firm CVC Capital Partners.

In a disclosure to the Philippine Stock Exchange on Tuesday, PLDT said it had entered an agreement to sell the BPO businesses to CVC-controlled Asia Outsourcing Gamma Ltd.

PLDT plans to reinvest some of the proceeds while continuing to participate in the growth of the BPO businesses as a partner of CVC.

The sale is expected to be completed by March 2013 after the satisfaction of closing conditions.

UBS acted as exclusive financial adviser to PLDT on this transaction.