PLDT Inc. has acquired the broadband business of Lopez-owned Sky Cable Corp. for almost P7 billion in a deal that cements the market dominance of the telco giant.

PLDT yesterday announced that it signed a sale and purchase agreement with Sky Vision Corp., ABS-CBN Corp. and Lopez Inc. for the acquisition of Sky Cable’s assets for internet service.

Under the transaction, PLDT will obtain 100 percent of Sky Cable’s total issued and outstanding capital stock, consisting of 1.38 billion common shares, for a purchase price of P6.75 billion.

PLDT said that it would settle 94 percent or P6.35 billion of the transaction cost upon the closing of the deal. The firm will issue the remaining P405 million once the Bureau of Internal Revenue releases the tax clearance for the sale and purchase agreement.

Prior to closing, PLDT and Sky Cable vowed to secure all applicable government approvals and clearances. Sky Cable also has to terminate the operations of its pay TV and cable businesses to make way for PLDT’s takeover of its broadband assets.

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