Pangilinan-led PLDT Inc. is buying out the Lopez family from Sky Cable Corporation.In a disclosure to the Philippine Stock Exchange on Thursday, PLDT announced it entered into a sale and purchase agreement with three Lopez-led firms—Sky Vision Corporation, ABS-CBN Corporation, and Lopez Inc.—to acquire 100% of Sky Cable’s total 1.38 billion outstanding capital stock for P6.75 billion.
Pangilinan-led PLDT Inc. is buying out the Lopez family from Sky Cable Corporation.
“The closing of the proposed transaction shall be subject to compliance with certain conditions precedent which include, among others, the termination or cessation of operation by Sky of its pay TV and cable businesses, obtaining all applicable government approvals and clearances, obtaining all required consents and corporate actions, and payment of the purchase price,” the telco said.
PLDT said acquiring Sky Cable will benefit both broadband subscribers of the two companies by “strengthening and expanding the coverage of their offerings and services, particularly in remote areas; and upgrading overall customer experience through the combined expertise, resources, and capabilities of PLDT and Sky.”
“The sale of the company's ownership in Sky will allow ABS-CBN to focus its resources on content creation,” ABS-CBN said.
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