Private equity firm CVC is in exclusive talks to purchase a majority stake in SPi Global Holdings, a business outsourcing unit of Philippine Long Distance Telephone Co, for about $320 million including debt, a source familiar with the matter told Reuters.PLDT, Manila's second-most valuable listed company, had put an 80 percent stake in SPi Global on the block last year as it looks to shed non-core businesses. The auction attracted interest from global takeover firms including Bain Capital and Carlyle Group as well as CVC, Thomson Reuters publication Basis Point reported on Wednesday.The deal underlines rising interest in the Philippines as an investment destination, with some of the world's biggest private equity firms beefing up their capabilities in Southeast Asia's booming economies.The Philippines' economy grew an annualised 7.1 percent in the third quarter, the second-fastest pace in Asia after China. The rapid pace makes it likely that growth for all of 2012 will surpass the Philippine government's 5 to 6 percent target. The benchmark Philippine stock index surged by a third last year and was one of Asia's best performing markets.
Philippine Long Distance Telephone Company (PLDT) is telecommunications provider in Philippines. Shares of PHI traded higher by 1.4% or $0.9/share to $64.97. In the past year, the shares have traded as low as $52.33 and as high as $69.45. On average, 113364 shares of PHI exchange hands on a given day and today's volume is recorded at 165586.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.41% or $-0.12/share to $29.31. In the past year, the shares have traded as low as $26.20 and as high as $30.66. On average, 736543 shares of TRI exchange hands on a given day and today's volume is recorded at 522966.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.31% or $-0.09/share to $28.96. In the past year, the shares have traded as low as $26.47 and as high as $30.25. On average, 861452 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 381154.
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