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PLDT to acquire Sky Cable’s broadband business

Pangilinan-led PLDT is set to buy the broadband business of Sky Cable for a total purchase price of PHP 6.75 billion.
PLDT x SKY Fiber

PLDT to further expand broadband connectivity

In a disclosure to the Philippine Stock Exchange on Thursday, PLDT said it signed a sale and purchase agreement with Sky Vision Corporation, ABS-CBN Corporation, and Lopez, Inc. for the proposed acquisition of Sky’s broadband business (SKY Fiber) and its related assets.

Under the deal, Sky is required to terminate its pay TV and cable businesses.

PLDT said the transaction supports its goal of strengthening the country’s broadband connectivity, adding that acquiring Sky would allow the group to expand its coverage to more areas, including remote sites.

The proposed transaction is expected to benefit the existing broadband subscribers of both PLDT and Sky, PLDT said.

Meanwhile, ABS-CBN said in a separate disclosure that Sky would continue to operate broadband and cable TV services as they await the required regulatory approvals.

ABS-CBN also said this was "a strategic decision" as it noted the "significant" capital Sky needs to remain competitive.

The proceeds from the sale of the shares of ABS-CBN and the settlement of Sky Vision's obligations to ABS-CBN will be used by ABS-CBN to settle and fund its retirement obligations. The sale of the company's ownership in Sky will also allow ABS-CBN to focus its resources on content creation, it added.

Source: PSE

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