MANILA, Philippines, 30th April 2013 – Philippine Long Distance Telephone Company (“PLDT”) (PSE: TEL) (NYSE: PHI) announced today that it completed the sale of the Business Process Outsourcing (“BPO”) businesses owned by its wholly owned subsidiary – SPi Global Holdings, Inc. (“SPi”) – to Asia Outsourcing Gamma Limited (“AOGL”), a company controlled by CVC Capital Partners (“CVC”).
 
Net proceeds from the sale are in excess of US$300 million. 
 
PLDT reinvested approximately US$40 million of the proceeds from the sale in AOGL, resulting in an approximate 19.7% interest, and will continue to participate in the growth of the business as a partner of CVC.
 
The intention to sell the BPO businesses was initially announced by PLDT in February 2013 and arose from the PLDT group’s regular review of its strategy and portfolio. PLDT Chairman Manuel V. Pangilinan described the sale as “an opportunity for PLDT to realize attractive returns for the benefit of the group and its stakeholders” and the reinvestment in AOGL as confidence in the long-term prospects of SPi.
 
SPi is one of the world’s largest and most diversified BPO service providers in terms of clients, geographic presence, and capabilities. SPi provides domain expertise in the Customer Interaction, Healthcare, and Publishing markets. SPi also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail, and travel. Through its key competencies, SPi supports the vibrant BPO industry worldwide.
 
UBS acted as exclusive financial adviser to PLDT for this transaction.