Official: PLDT completes acquisition of Sky Cable for P6.75 Billion

PLDT SkyCable

The Philippine Competition Commission (PCC) has given its approval to the acquisition of Sky Cable by the telecommunications giant PLDT, a process initiated last year. The antitrust body granted its endorsement to the transaction last Friday, as reported by ABS-CBN, the parent company of Sky Cable, on Monday. It was emphasized that the approval is contingent upon various closing conditions.

ABS-CBN stated that they would provide updates on material information, intending to supplement the disclosure made to the exchange on March 16, 2023, as soon as such details become available.

In March 2023, the Pangilinan-led company unveiled its intention to acquire the broadband business for ₱6.75 billion, involving the purchase of approximately 1.37 billion shares at ₱4.9043 each. PLDT expressed optimism that the acquisition would be advantageous for subscribers of both companies by enhancing coverage, especially in remote areas.

Sky Cable, in the midst of this deal, assured its customers on its website that broadband and cable TV services would continue uninterrupted while awaiting the necessary regulatory approvals. The company pledged to assist cable TV subscribers in transitioning to their preferred services once the approvals are secured.