PCC approves sale of Sky Cable broadband business to PLDT

MANILA  —The P6.75-billion sale of Sky Cable Corp.’s broadband business and related assets to PLDT Inc. has hurdled the competition review, bringing the transaction closer to conclusion.

ABS-CBN Corp., the majority owner of the broadband company, said on Monday the Philippine Competition Commission (PCC) had approved the major sale and purchase deal.

READ: PLDT buying Sky Cable’s broadband business for P6.75B

“The proposed transaction is, however, still subject to a number of closing conditions,” the listed media company said.

The deal, announced in March last year, involves the sale of all Sky Cable’s 1.38 billion common shares. Each share is priced at P4.9043, which is based on agreed equity valuation of the Lopez company.

READ: Sky Cable acquisition to boost PLDT’s broadband footprint

The deal is seen to upgrade the “overall customer experience through the combined expertise, resources and capabilities of PLDT and Sky,” PLDT said previously.