CVC in talks to acquire PLDT outsourcing unit
Investment firm CVC Capital Partners is reportedly in exclusive talks to acquire control of Philippine Long Distance Telephone’s (PLDT) business outsourcing unit for approximately $320 million.
PLDT put an 80% stake of SPi Global up for sale last year in a bid to focus on its core businesses.
Global buyout firms Bain Capital and Carlyle Group were also interested in the business, according to Reuters.
SPi Global performs outsourcing work for international clients and also has a publishing unit it acquired in 2012. The company has operations in the US, Europe, the Philippines, India, Vietnam and Australia with a workforce of 18,000.
Sources with knowledge of the matter told Reuters that the company has EBITDA of around $45 million.
The Philippine economy is proving attractive to investors having grown at an annualised 7.1% in the third quarter of 2012. Analysts suggest that the country will likely exceed its 5% to 6% target for growth in 2012.
This places it second behind China in terms of pace of growth in Asia, according to the newswire.