PLDT eyes possible acquisitions

MANILA, Philippines - Dominant carrier Philippine Long Distance Telephone Co. (PLDT) is looking at divesting subsidiaries including wholly-owned SPi Global as it continues to be on the lookout for possible acquisitions including that of broadcast giant GMA Network Inc. (GMA7).

In a statement submitted to the Philippine Stock Exchange (PSE), PLDT said it explores and looks into possible acquisition or sale of any of its subsidiaries.

“As part of its continual strategic review of its portfolio, PLDT regularly evaluates and explores potential options with regard to acquisitions and divestitures of specific subsidiaries and business units including SPi,” the company said in the statement.

PLDT is in the middle of negotiations to acquire a controlling stake in GMA7 owned by the Gozon, Duavit, and Jimenez families with a market value of about P48 billion.

The dominant carrier recently raised P4.3 billion from the sale of its 27 percent stake in ePLDT Inc. to Philweb Corp. of former trade minister Roberto Ongpin.

PLDT explained that no definite agreement have been made regarding any sale or disposition of its subsidiaries including SPi.

“However at this time, no decision has been made with regard to any sale or other disposition of SPi,” the telco provider clarified.

The statement pointed out that the PLDT and SPi management remains focused on continuing the strong performance of this business and investing to support its ambitious business plan.

“PLDT remains very confident in the long-term prospects of SPi given the strength of the business model and management team and believes it is well positioned to capitalize on significant market opportunities for further growth,” it added.

SPi Global is one of the world’s largest and most diversified Business Process Outsourcing (BPO) service providers in terms of clients, geographic presence, and capabilities.

It offers a wide range of voice and non-voice BPO solutions as well as the broadest global delivery network with 30 locations spanning North America, Netherlands, Australia, India, Vietnam, and the Philippines.

Last August 5, SPi Global entered into a definitive agreement to sell its medical transcription business line assets to Pennsylvania-based Acusis, LLC that provides outsourced clinical documentation solutions.

Upon completion of the transaction, Acusis would take over the SPi medical transcription business and would lead the 500 SPi employees working from the US and the Philippines who will join the Acusis team.

SPi Global entered the medical transcription business in 2006. Since then, the portfolio of its healthcare BPO offering has expanded to include revenue cycle management, and coding and compliance consulting services.

SPi Global is a leading full-service BPO provider with over 15,000 employees delivering a wide range of Knowledge Process and Customer Relationship Management solutions to diversified markets, including financial services, healthcare, legal, and publishing.