Globe Telecom Inc. and NCS Pte. Ltd. are forging a new joint venture company via Globe’s wholly-owned subsidiary, Yondu Inc.
“Upon closing, Globe will retain 49 percent ownership in Yondu and NCSI Philippines. The resulting joint venture will have an enterprise value of P1.868,” the telco said in a disclosure to the Philippine Stock Exchange on Thursday.
NCS is a subsidiary of the Singtel Group, while NCSI Philippines is the Philippine subsidiary of NCS.
To make the joint venture happen, Globe is divesting 51 percent of its ownership in Yondu in favor of NCSI.
On the other hand, Yondu will acquire NCSI Philippines from NCSI Holdings, making NCSI Philippines Yondu’s fully owned subsidiary.
“NCS is a leading Pan-Asia Pacific technology services company, and the joint venture between NCSI and Globe is projected to expand the client base to include international clients, particularly in the telco and adjacent sectors,” Globe said.
“The joint venture also aligns with Globe’s strategy to develop responsive and compelling information, communications and technology capabilities for customers of all sizes,” Globe said.
“Information Technology is the bedrock on which industries are built on. Information Technology enables, and changes our question from ‘how do we use this’ into ‘what other good things can we do with this?’” Ernest Cu, Globe president and chief executive officer, said in the disclosure.
Cu said their vision for Yondu is to be a force for good through effective information technology products and services, and that the partnership with NCS will unlock new global opportunities for Yondu to expand its reach and deliver impactful IT solutions worldwide.
“This joint venture marks a significant milestone in our Asia Pacific growth journey as we continue to invest to meet the region’s growing demand for technology services, in particular, AI-led solutions,” said Ng Kuo Pin, CEO of NCS.
