Struggling cable and internet service provider Sky Cable has teamed up with Converge to improve its network quality.
Sky Cable finally found a partner after the Php6.75 billion acquisition deal with PLDT fell apart in February 2024.
Now, with the newfound partnership, they said that Converge will “enable Sky to upgrade its network and improve services to its subscribers.”
It appears to be a win-win deal. Sky subscribers will benefit from Converge’s more robust and expanded fiber network that has better reach and broadband speeds. Meanwhile, Converge ICT will increase its port utilization and maximize its network.
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Converge claims that it has the largest fiber-to-the-home network in the Philippines with a more than 700,000-kilometer fiber footprint, reaching 16 million Filipino households. As of March 2024, they have 2.3 million residential subscribers.
While the joint press release didn’t mention any cash payout and Sky’s large loan obligations, they did mention a “Sky transformational program” that aims to implement “greater financial discipline” on top of improvements in operational efficiency and organizational changes.
“This will be a revenue boost for Converge consistent with similar arrangements with other players as we are able to continue to monetize further our excess network capacity,” said Maria Grace Uy, Converge President and Co-founder.