Philippine Long Distance Telephone Co said it will sell a majority stake in its business process outsourcing unit to private equity firm CVC Capital Partners Ltd - a deal that underlines rising interest in the Philippines as an investment destination.Terms of the PLDT deal were not disclosed, but a source familiar with the matter said last month that PLDT was in exclusive talks with CVC for a deal valued at about $320 million including debt.The deal is also the second that CVC has closed in Southeast Asia in less than a month, after leading a consortium to acquire Malaysia's two main KFC fast food franchises for $1.7 billion.Private equity firms have been beefing up their capabilities in Southeast Asia's rapidly growing economies and the unit had also attracted interest from other takeover firms including Bain Capital and Carlyle Group.
Philippine Long Distance Telephone Company (PLDT) is telecommunications provider in Philippines. Shares of PHI traded higher by 0.27% or $0.19/share to $70.48. In the past year, the shares have traded as low as $52.33 and as high as $70.51. On average, 130234 shares of PHI exchange hands on a given day and today's volume is recorded at 108502.
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