Xurpas Inc. has announced that it has sold back its 51% shareholdings in Yondu Inc. to Globe for PHP 501 million in cash.
The resulting transaction means Yondu will once more be a wholly-owned subsidiary of Globe.
Yondu was a leading content developer and provider of mobile value-added services, and information technology services back in 2015 when it was acquired by Xurpas. It has since then evolved to become a top IT solutions company in the Philippines, expanding its product portfolio to provide Managed Services, Software Development, and Turnkey Solutions among others.
“Our divestiture of Yondu will provide the company additional liquidity, retires debt, and allows us to focus on high-value, emerging, innovative, and disruptive technologies and platforms impacting both enterprise and consumer commerce,” Xurpas President Alexander Corpuz said. Primeiro Partners acted as Xurpas’ M&A financial advisor.
Globe also said that the transaction is consistent with Globe’s strategic imperative of developing its ICT capabilities responsive to the changing needs of its customers. The company also believes that Yondu’s strong IT core competencies combined with Globe’s digital expertise will strengthen the value proposition of products and services catered to enterprise clients.
“Bringing Yondu into the Globe value chain will promote synergies and strengthen the position of our enterprise business,” said Globe Telecom President Ernest Cu.
source: Xurpas, PSE