PLDT Inc. can now acquire Sky Cable's broadband business!

The Philippine Competition Commission has allowed PLDT, Inc. to purchase Sky Cable Corporation's broadband business.

File photo: PLDT and SKY Fiber logos

PLDT x SKY Fiber

Thanks to this go signal, PLDT can now have 100 percent of Sky Cable's broadband business and related assets.

Reports say that the total value of this is PHP 6.75 billion. It covers 1.37 billion shares sold at PHP 4.9043 each.

According to PLDT, the acquisition would benefit subscribers of both companies as it would boost coverage in remote areas. Boosted coverage in remote areas would also be beneficial to its subscribers.

Sky Cable's parent company ABS-CBN said that the antitrust body gave its nod to the "transaction which is still subject to a number of closing conditions."

ABS-CBN will disclose the material information to update the disclosure made to the exchange once it becomes available.

Sky Cable's statement about the PLDT purchase

Meanwhile, Sky Cable issued an advisory on its official website.

We wish to inform you of PLDT’s agreement to acquire SKY.

While awaiting the required regulatory approvals, we assure you that SKY's broadband and cable TV services will continue.

Once approvals are obtained, SKY is committed to assisting all its cable TV subscribers to ensure a transition to their preferred service.

What do you guys think?

Source: Sky Cable, Via: CNN