KKR, Tencent invest in PLDT’s Voyager Innovations

KKR, a global investment firm, and Tencent Holdings Ltd., an internet services provider in China, has signed an agreement with PLDT Inc., to invest in Voyager Innovations, a technology company in the Philippines focused on developing customer-centric emerging market platforms.

KKR, Tencent, and PLDT recently signed agreements under which investors led by KKR and Tencent will separately subscribe to a total of up to USD 175 million worth of newly-issued shares in Voyager Innovations, giving them a substantial minority stake in the digital technology company.

Upon the closing of the transaction, which is expected within Q4 of 2018, PLDT will remain as the majority shareholder of Voyager Innovations. The agreements also contain provisions for Voyager Innovations to issue additional shares to other investors which, if this were to occur, would reduce PLDT’s ownership to less than 50% while still remaining as the largest shareholder.

The new external funding will help Voyager Innovation achieve its mission to accelerate digital and financial inclusion in the Philippines and enable the broader Filipino population to participate in the digital economy.

The technology company currently supports the following digital services: PayMaya, PayMaya Business, Smart Padala, Lendr, freenet.

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This article was written by Louie Diangson, Managing Editor of YugaTech. You can follow him at @John_Louie.

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