Metro Manila (CNN Philippines, January 22) – The Philippine Competition Commission (PCC) has approved telco giant PLDT’s acquisition of Sky Cable which began last year.
The antitrust body gave its nod to the transaction “which is still subject to a number of closing conditions” last Friday, ABS-CBN, Sky Cable’s parent company, said on Monday.
“ABS-CBN will disclose material information to update the disclosure made to the exchange on March 16, 2023 once they become available,” it added.
The Pangilinan-led company revealed in March 2023 its plan to acquire the broadband business for ₱6.75 billion, covering some 1.37 billion shares sold at ₱4.9043 each.
PLDT said the acquisition would benefit subscribers of both companies as it would boost coverage in remote areas.
Meanwhile, Sky Cable on its website said it would continue to offer its services amid the deal.
