PLDT to pay up to P800M for IPVG data centers

MANILA, Philippines—Pangilinan-led Philippine Long Distance Telephone Co. is set to pay as much as P800 million for data centers owned and operated by the IPVG group, which is dropping its technology business.

In a disclosure, PLDT said its unit, ePLDT Inc., would acquire 100 percent of the issued and outstanding stock of IP Converge Data Services Inc.

“Please be advised that the total acquisition cost is between P700 million and P800 million, depending on the achievement of certain financial targets for IP Converge for 2012,” PLDT said, answering the Philippine Stock Exchange’s queries.

“The final purchase price will be determined upon the issuance of the audited financial statements of IP Converge,” the disclosure stated.

PLDT’s plan to acquire IP Converge was announced last week. The move is in line with the company’s strategy of expanding its corporate services portfolio.