PLDT, CVC sell SPI for $300M
Manila-based outsourcing company SPi Global to be sold for $330 million.
PLDT, which owns 18.3% economic interest in SPi global, revealed that the buyer was Partners Group, a Switzerland-based private markets investment management firm.
SPI started in 1980 as a provider of outsourced services to education, science, technical and medical research publishers. These services target a publisher’s value chain: from content development to database management and data analytics.
CEO and president of SPI Global, Ratan Datta, welcomed Partners Group as their new business partner. He said in a different statement, “With its prior exposure and strategic interest in the content and learning sectors, Partners Group’s experience, global network, and values make it the right partner to support our continued growth.”
PLDT has expressed its intention shed non-core assets to reinforce earnings.
In 2013, PLDT sold its outsourcing businesses SPi Global Holdings Inc.—to Asia Outsourcing Gamma Ltd., then reinvested approximately $40 million of the proceeds from the sale in the same business.
