Partners Group to acquire SPi Global, the leading global provider of specialized BPO services to research and education publishers

MANILA, Philippines, 22 May 2017 - PLDT, Inc. (“PLDT”) (TEL: PSE) (PHI: NYSE) today announced that Partners Group, the global private markets investment manager with over EUR 54 billion in assets under management, has agreed to acquire SPi Global ("SPi" or "the Company"), a provider of outsourced services to education, science, technical, and medical research publishers worldwide, on behalf of its clients. The Company is being acquired from companies controlled by CVC Capital Partners Asia III (“CVC”) and PLDT Global Investments Corporation (“PGIC”), an indirect subsidiary of PLDT. The transaction values SPi at USD 330 million.

PLDT, through PGIC, has an 18.32% economic interest in SPi.

It will be recalled that in 2013, PLDT sold its BPO businesses owned by its then wholly owned subsidiary — SPi Global Holdings, Inc. — to Asia Outsourcing Gamma Limited (“AOGL”), a company controlled by CVC. PLDT then reinvested approximately US$40 million of the proceeds from the sale in the said business.

AOGL has subsequently divested its healthcare BPO and customer relationship management businesses in 2014 and 2016, returning US$53 million in proceeds to PLDT (through PGIC).

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.