DIGITAL services provider PLDT Inc. is divesting its investment in SPi Global, as global private markets investment manager Partners Group acquires the outsourcing company in a transaction valued at $330 million (P16.467 billion).
In a filing to the stock exchange, the Filipino telco corporation said the transaction involves Partners Group’s acquiring SPi Global from companies controlled by CVC Capital Partners Asia III and PLDT Global Investments Corp. (PGCI). Through PGCI, the telco operator has an 18.32 percent economic interest in SPi Global.
Following the acquisition, Partners Group will work with SPi’s management team, led by its chief executive Ratan Datta, on a number of value-creation initiatives to expand the company, both organically and through select acquisitions. These will include the introduction of additional offerings to SPi’s service catalog and the expansion of the company’s business applications segment. “After a period of dynamic growth under our prior owners, we are very happy to welcome Partners Group as our new business partner and look forward to working with the firm to further complement our global footprint, as well as client-service capabilities,” Datta said.
Following the transaction, three senior Partners Group executives will join the board of directors at SPi. They are Cyrus Driver, managing director, private equity directs Asia; Christian Unger, managing director, Industry Value Creation; and Florian Marquis, senior vice president, Private Equity Directs Asia.
“With its prior exposure and strategic interest in the content and learning sectors, Partners Group’s experience, global network and values make it the right partner to support our continued growth while maintaining the client-centric approach which has allowed us to become the leading provider in the content-services market,” Datta said.
Completion of this acquisition by Partners Group will be subject to certain closing conditions. Cash distributions to PLDT will be determined after the acquisition is completed.