Faster speed: Logo of PLDT seen at its headquarters in the financial district of Makati city, metro Manila. PLDT and Globe will each acquire 50 of the San Miguel telecoms business. – Reuters
MANILA: The Philippines’ top two telecoms firms agreed to buy conglomerate San Miguel Corp’s assets in the sector for nearly US$1.5bil in a joint deal they said will significantly upgrade slow Internet services that have been a drag on one of Asia’s fastest-growing economies.
In separate statements yesterday, Philippine Long Distance Telephone (PLDT) Co and Globe Telecom Inc said they would acquire subsidiaries of food-to-power group San Miguel that include a prized 700-megahertz frequency.
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