PLDT Inc. and ABS-CBN Corp. unit Sky Cable Corp. have secured regulatory approval to pursue their over P6.75-billion deal.
In a disclosure to the Philippine Stock Exchange, the two firms said the Philippine Competition Commission (PCC) approved on Jan. 19, 2024, the sale of the broadband business and related assets of Sky to PLDT via the sale of 100 percent of Sky’s total issued and outstanding capital stock.
“Once the approval of the PCC is obtained, the sellers will continue to work on the other closing conditions which include, among others, the termination or cessation of Sky’s pay TV and cable businesses, obtaining all other applicable government approvals and clearances, and obtaining all required consents and corporate actions. Obtaining the closing conditions is necessary for the implementation of the proposed transaction,” PLDT said.
Sky reiterated the proposed transaction is still subject to other closing conditions and until all those are fulfilled, the proposed transaction will not be implemented.
Last March, ABS-CBN’s board approved the sale of its interests in the company, directly or indirectly representing 58.7 percent of the outstanding capital stock of Sky for P4 billion.
All the other stockholders of Sky, Lopez Inc. and Sky Vision Corp., also agreed to sell their shares in Sky to PLDT.
With this, the total purchase price to be paid by PLDT for all the issued and outstanding capital stock of Sky stood at P6.75 billion.
Sky has committed to assist its cable subscribers in their transition to a new service provider.
To recall, PLDT and ABS-CBN’s deal for the acquisition of Sky’s cable business was halted by the PCC in 2020 and 2022.
