PLDT Inc. (PSE:TEL) entered into an agreement to acquire SKY Cable Corporation from ABS-CBN Corporation (PSE:ABS), Sky Vision Corp. and Lopez, Inc. for PHP 6.75 billion on March 16, 2023. PLDT Inc. will acquire 1376.34 million shares of SKY Cable Corporation at price of PHP 4.9043 per share. The consideration paid is subject for any adjustment in accordance with the provisions in the Sale and Purchase Agreement. As of December 2022, SKY Cable Corporation had revenue of PHP 3.7 billion and Net loss of PHP 229 million.

The closing of the proposed transaction shall be subject to compliance with certain conditions precedent, which includes, Sky Cable engaging exclusively in the broadband business, with the termination or cessation of operations of its pay TV and cable businesses and obtaining all applicable government approvals and clearances and obtaining required consents and corporate actions. The board of directors of PLDT Inc. and ABS-CBN Corporation approved the transaction. As of March 28, 2023, PLDT filed its notice with the Philippine Competition Commission regarding the purchase of Sky Cable's broadband business. As on March 28, 2023, PLDT filed a notification with Philippine Competition Commission for approval of the transaction. The acquisition has no impact on the Group?s financial statements as at and for the period ended June 30, 2023. The transaction is expected to close on February 26, 2024. The proceeds of the sale will be used to prepay debt, fund major cash requirements for operations and capital expenditures resulting in debt avoidance, and pay special dividends.

Picazo Buyco Tan Fider & Santos acted as legal advisor and Alphaprimus Advisors Inc. acted as financial advisor to PLDT Inc. Romulo Mabanta Buenaventura Sayoc & De los Angeles and Quiason Makalintal Barot Torres Ibarra Sison & Damaso acted as legal advisor to ABS-CBN Corporation (PSE:ABS), Sky Vision Corp. and Lopez, Inc.
PLDT Inc. (PSE:TEL) cancelled the acquisition of SKY Cable Corporation from ABS-CBN Corporation (PSE:ABS), Sky Vision Corp. and Lopez, Inc. on February 21, 2024.