#yondu

has announced that it has sold back its 51% shareholdings in Yondu Inc. 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. “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. 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. This does not include the sale of 51% of its subsidiary, Yondu (Entertainment Gateway Group), for Php900 Million to Xurpas last September 2015. Read more in our articles including "Globe buys back 51% of Yondu from Xurpas" and "Globe hits all-time high revenue of Php113.7 billion".