BUSINESS
Advocates Philippines
Philippine Competition Commission Approves PLDT's Acquisition Of Sky Cable's Broadband Business
Photo credit: PLDT
The Philippine Competition Commission (PCC) granted approval on January 19, 2023, for the sale of Sky Cable's broadband business and related assets to leading telecommunications provider PLDT. The approval permits the acquisition of 100% of Sky's total issued and outstanding capital stock by PLDT.
The proposed transaction, however, is not yet finalized and remains subject to a series of closing conditions. PLDT and Sky Cable are expected to fulfill these conditions in accordance with regulatory requirements before the deal is officially concluded.
Sky Cable, a prominent player in the broadband sector, will see a change in ownership as PLDT takes the reins. The move is expected to have far-reaching implications for both companies and the broader telecommunications landscape in the Philippines.
While the PCC's approval marks a significant step forward, stakeholders are closely monitoring the developments as the acquisition process unfolds. The PCC's role in ensuring fair competition and protecting consumer interests adds a layer of scrutiny to such transactions.
ABS-CBN, the parent company of Sky Cable, has assured stakeholders that any material information relevant to the transaction will be promptly disclosed. A commitment to transparency is crucial, and ABS-CBN aims to keep the public and investors informed about the details of the acquisition.
It is worth noting that the exchange received initial disclosure regarding the transaction on March 16, 2023. ABS-CBN has emphasized its dedication to updating this disclosure as additional information becomes available.
The proposed transaction, however, is not yet finalized and remains subject to a series of closing conditions. PLDT and Sky Cable are expected to fulfill these conditions in accordance with regulatory requirements before the deal is officially concluded.
Sky Cable, a prominent player in the broadband sector, will see a change in ownership as PLDT takes the reins. The move is expected to have far-reaching implications for both companies and the broader telecommunications landscape in the Philippines.
While the PCC's approval marks a significant step forward, stakeholders are closely monitoring the developments as the acquisition process unfolds. The PCC's role in ensuring fair competition and protecting consumer interests adds a layer of scrutiny to such transactions.
ABS-CBN, the parent company of Sky Cable, has assured stakeholders that any material information relevant to the transaction will be promptly disclosed. A commitment to transparency is crucial, and ABS-CBN aims to keep the public and investors informed about the details of the acquisition.
It is worth noting that the exchange received initial disclosure regarding the transaction on March 16, 2023. ABS-CBN has emphasized its dedication to updating this disclosure as additional information becomes available.
Jan 22, 2024
