Globe and Singtel's NCS sign deal forming joint venture
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| File photo: Globe logo |
Enhancing ICT capabilities
Globe Telecom, Inc. and Singtel Group's NCS Pte. Ltd. (NCS) have signed an agreement to form a joint venture for the latter's expansion in the Asia Pacific.
They entered into an agreement with NCSI Holdings Pte. Ltd. (NCSI) to hold 51 percent ownership in Globe's subsidiary, Yondu, Inc. The agreement also covers Yondu's acquisition of NCSI Philippines (NCSI PH) from NCSI, making NCSI PH a fully owned subsidiary of Yondu.
Upon closing, Globe will retain 49 percent ownership in Yondu and NCSI PH. The resulting joint venture will have an enterprise value of PHP 1.87 billion.
Globe said the joint venture also aligns with its strategy to develop responsive and compelling ICT capabilities for customers of all sizes.
Our vision for Yondu is to be a force for good through effective IT products and services. Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide, said Ernest Cu, president and CEO of Globe.
Globe and Yondu's deep country expertise, coupled with NCS' technology capabilities, will increase our capacity to further drive business transformation and innovation, especially in the telecommunications sector, said Ng Kuo Pin, CEO, NCS.
The agreement is still subject to the satisfaction of conditions precedent to closing and other closing activities as outlined in the transaction documents.
What do you think, guys?
Source: Globe
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