Converge ICT acquires PLDT's cable landing stations in Luzon

Fiber internet provider Converge ICT is strengthening its goal of covering 55 percent of all Filipino households with new cable landing firms.

File photo: Converge logo

Converge secures control in Luzon cable landing stations

Last week, the company said it signed a deal with PLDT unit Digital Telecommunications Philippines (Digitel) to acquire the latter's stake in Digital Crossing Incorporated (DCI) for USD 4.84 million.

Converge also inked an agreement for the purchase of 300,000 common shares of Digitel in Asia Netcom Philippines Corporation (ANPC) for USD 2.66 million.

DCI operates the cable landing stations in the country for East Asia Crossing (EAC) and C2C cable systems.

Bringing DCI [and ANPC] into Converge will promote the strategic imperative of Converge to expand its capabilities in telecommunications since it acquires interest in entities involved in providing, operating, and maintaining the cable landing stations of EAC and C2C international cables, Converge said.

Just late last month, Converge also sealed a deal with Singapore's Keppel Midgard Holdings (KMH) Pte. Ltd. for the Philippine telco's participation in the Bifrost Cable System project.

Under the agreement, Converge told the Philippine Stock Exchange that it will spend more than USD 100 million or around PHP 5 billion for the project.

For this year, Converge targets to cough up PHP 20 billion investment to upgrade and expand its network to the Visayas and Mindanao.

Via: Rappler