PLDT, Globe complete purchase of SMC telco assets
PLDT Inc. and Globe Telecom have settled their remaining balance to San Miguel Corp. for the joint acquisition of the diversified conglomerate’s telecommunications business.
The two telco giants made their final payment of P13.2 billion despite the pending cases filed before the Supreme Court and the Court of Appeals regarding the P69 billion deal.
PLDT and Globe already paid San Miguel P19.8 billion each in December last year.
With the completion, PLDT and Globe will have 50-50 ownership in Vega Telecom Inc., Bow Arken (the parent company of New Century Telecoms, Inc.) and Brightshare (the parent company of eTelco Inc.).
In April, the Office of the Solicitor General filed on behalf of the Philippine Competition Commission a petition seeking to lift the preliminary injunction issued by the Court of Appeals, which halted the anti-trust body?s review of the multi-billion peso transaction.