PE firm exploring sale of stake in SPi Global
Europe’s largest private-equity firm, CVC Capital Partners, is reportedly gauging interest in its 80% holding in Philippine business process outsourcing (BPO) firm SPi Global Holdings Inc. According to a Bloomberg report, CVC Capital is exploring the controlling stake it acquired from Philippine Long Distance Telephone Co (PLDT) in 2013 for more than USD300m. The deal could value SP1 Global at about USD500m, sources quoted by Bloomberg said. PLDT, which owns the remaining 20% of SPi Global, said it intends to tag along with any potential sale by CVC. The process, however, is still at an early stage and valuation and other details could change, the sources said. Manila-based SPi Global has annual revenues of about USD214m and employs more than 20,000 workers in the Philippines, India, the US, China, Vietnam, and Nicaragua.
