PLDT broadband acquisition collapses

PLDT broadband acquisition collapses

ABS-CBN Corporation and PLDT mutually agreed to terminate the sale of the former’s broadband and TV unit Sky Cable to the operator. 

In a statement, ABS-CBN said the Sky Cable TV and SKYFiber broadband customers will continue seeing their TV service run as normal. No reason was given for the termination of the deal which would have bolstered the Philippines-based operator's broadband offering, at a time when connectivity subscribers in the Phillipines is rising. 

The two companies announced the deal in March last year and signed a sale and purchase agreement. PLDT agreed to wholly acquire Sky Cable for PHP6.75 billion ($120.9 million)

For the deal to close certain conditions had to be met surrounding the termination of Sky Cable customers , as well as gaining regulatory approval. 

ABS-CBN said it remained committed to maintaining its level of customer experience and service across both units. 

PLDT said at the time the acquisition aligned with its strategy to spread its coverage throughout the Philippines. 

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