In a stock exchange filing last Thursday, Converge ICT announced that it would acquire PLDT’s Luzon international landing stations.
The separate deals were signed with the PLDT subsidiary Digital Telecommunications Phils. Inc. to acquire Digital Crossing Inc. The deal costs a total of USD7.5 million, or around Php357.3 million when directly converted to Philippines pesos.
This will give Converge ICT access to crucial internet gateways in the Philippines.
Telstra, a company from Australia, owns Pacnet Network Philippines Inc., a major shareholder of Digitel, which operates and maintains the said cable landing stations connected to C2C and EAC cable systems.
Consultancy firm Submarine Networks said that C2C and EAC cable systems land in Batangas and Cavite, respectively.
The acquisition is part of Converge’s plan to bring its internet services across the Philippines this year. The larger goal is reaching 55% of households by 2025.
- Ookla: Converge ICT offers most consistent fixed internet in 5 regions
- Converge ICT says Starlink internet service launch in PH not happening this 2021
Converge said that it has already signed a deed of absolute sale with Digital Telecommunications to purchase 40% stake in Digital Crossing for USD4.84 million (around Php230.5 million).
A separate USD2.66 million (around Php126.7 million) deal with Digitel will give Converge ICT a stake in Asia Netcom Philippines Corp., a company that also has shares in Digitel Crossing.