The Philippine Competition Commission (PCC) has given the green light to PLDT Inc.’s P6.75 billion takeover of Sky Cable Corp.
The deal, which was announced in March 2023, will allow PLDT to acquire 100% of Sky Cable’s total issued and outstanding capital stock consisting of 1.38 billion common shares for P4.9043 per share. However, the deal is not yet final, as it is still subject to several closing conditions.
PLDT first tried to buy Sky Cable in 2020 but withdrew its offer due to antitrust concerns. In 2022, PLDT subsidiary Cignal TV tried to acquire a minority stake, but it was also scrapped due to public opposition to a separate merger between ABS-CBN and TV5, another Pangilinan-led media company.
The PCC, the country’s antitrust watchdog, said it is monitoring the developments surrounding the proposed transaction and remains open to notification consultation with the parties.
The agency is mandated to evaluate the effect of acquisitions in relevant markets and their effects on consumers, such as whether the transaction will result in fewer choices and lesser competition.
PLDT, which operates Cignal TV, said the acquisition of Sky Cable will enhance the “overall customer experience through the combined expertise, resources and capabilities of PLDT and Sky.”