PLDT to acquire Sky Cable’s broadband business for P6.75B

PLDT is poised to buy the broadband business of Sky Cable for P6.75 billion.

In a disclosure sent to the Philippine Stock Exchange last March 16, the Manny V. Pangilinan-led telco said that it has reached an agreement with ABS-CBN Corp. to take over 100% of Sky’s total issued and outstanding capital stock, effectively making PLDT the new owner of Sky Broadband.

Sky is currently owned by Sky Vision Corp., ABS-CBN Corp. and Lopez Inc.

According to PLDT, the transaction supports its goal of strengthening the country’s broadband connectivity, with the acquisition of Sky allowing PLDT to expand its coverage, including remote areas.

Meanwhile, the deal would means Sky would cease the operations of its pay TV and cable businesses. In the meantime, ABS-CBN said that while awaiting the regulatory approvals, Sky’s broadband and cable TV services would continue.

“Once approvals are obtained, Sky Cable is committed to working with all its cable TV subscribers to ensure a transition to their preferred service,” it said.