Converge Information and Communications Technology Solutions Inc. yesterday signed a deal with Digital Telecommunications Philippines Inc. (DTPI) for the acquisition of common shares in Asia Netcom Philippines Corp. (ANPC) worth $2.7 million.
In a disclosure to the Philippine Stock Exchange, Converge said it entered into a deed of absolute sale of shares with DTPI for the acquisition of 300,000 common shares in ANPC with total purchase price of $2.7 million.
ANPC is the entity that holds and owns the land assets where the East Asia Crossing (EAC) cable landing station is located. It is also a shareholder of Digitel Crossing Inc. which maintains and operates the cable landing stations in the Philippines for EAC and City-to-City (C2C) cable systems.
Converge’s investment in ANPC will expands its international cable network.
“Bringing ANPC into Converge will promote the strategic imperative of Converge to expand its capabilities in telecommunications since it acquires interest in entities involved in providing, operating and maintaining the cable landing stations of EAC and C2C international cables,” Converge said.
