PLDT Inc., a legacy company owned by tycoon Manny V. Pangilinan, shared that the Philippine Competition Commission (PCC) has recently approved the telco's offer to buy Sky Cable Corporation's (Sky) broadband business and related assets via Sky's capital stock.
In a disclosure to the Philippine Stock Exchange (PSE) on Jan. 22, PLDT said that the PCC allowed the sale of 100 percent of Sky's total issued and outstanding capital stock on Jan. 19.
However, the telco noted that the proposed transaction is "still subject to other closing conditions, wherein it will not be implemented until all closing conditions are fulfilled."
The disclosure was made to further clarify a news report released on Jan. 16 that claimed that the PCC had already given its approval for PLDT's 100 percent buyout of ABS-CBN's Sky Cable.
The report further added that PLDT "will merge Sky Cable's fiber broadband subscribers while the cable TV will be absorbed by Cignal," the latter being a subsidiary of MediaQuest Holdings under the PLDT Beneficial Trust Fund.
Last Jan. 17, the company issued a disclosure to the PSE refuting the report, saying that the PCC had not yet concluded the review process for the transaction with Sky Cable at that time.
"Once the approval of the PCC is obtained, the sellers 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," PLDT added.
Last March 16, 2023, PLDT entered into a sales and purchase agreement with Sky Vision Corporation, ABS-CBN Corporation, and Lopez Inc to buy 100 percent of Sky's stocks for P6.75 billion.