MANILA, Philippines — Telco giant PLDT Inc. has completed the largest investment deal in a Philippine technology company to date with the financial closing of its transaction with World Bank Group-member International Finance Corp. (IFC).
PLDT announced yesterday the closing of the $40 million investment of the IFC and the IFC Emerging Asia Fund, a fund managed by IFC Asset Management Co., in Voyager Innovations Inc., PLDT’s digital innovations arm.
“This completes the $215 million fund raise into Voyager Innovations that includes $175 million from KKR and Tencent Holdings Inc. announced earlier,” PLDT said in a statement.
With the transaction’s completion, PLDT’s stake in Voyager Innovations fell below 50 percent, while remaining the company’s largest single shareholder.
Voyager president and chief executive officer Orlando Vea earlier said IFC and IFC Emerging Asia Fund’s investment in the technology company would enable it to scale up efforts in the digital financial services space.
Through its Global Innovative Retail Payments Program, IFC aims to make financial services much more accessible and affordable to the world’s low-income population by supporting innovative financial services, which is similar to the goal that PLDT is pursuing through Voyager’s platforms.
As a member of the World Bank Group, IFC is the largest global development institution focused on the private sector in emerging markets. Wholly owned subsidiary IFC Asset Management, meanwhile, mobilizes and manages capital to invest in businesses in developing and frontier markets.
Last Nov. 28, PLDT also announced the financial closing of its transaction with global investment firm KKR and China’s Tencent.
Voyager plans to leverage the new capital and significant expertise of KKR, Tencent, IFC and IFC Emerging Asia Fund as it carries out its mission to accelerate digital and financial inclusion in the Philippines and enable the broader population to participate in the digital economy.