Davis Polk is advising Philippine Long Distance Telephone Company (PLDT) in connection with the sale of the business process outsourcing businesses owned by its subsidiary SPi Global Holdings, Inc. (SPi) to an acquisition vehicle controlled by CVC Capital Partners. PLDT will reinvest a portion of the sale proceeds to acquire an approximate 20% interest in the divested businesses. The transaction is expected to close in the first quarter of 2013, subject to customary closing conditions.
SPi is one of the world’s largest and most diversified business process outsourcing service providers in terms of clients, geographic presence and capabilities. SPi provides domain expertise in the customer interaction, health care and publishing markets. SPi also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail and travel.
PLDT is the leading telecommunications service provider in the Philippines. PLDT is listed on the Philippine Stock Exchange and its ADSs are listed on the New York Stock Exchange, and it has one of the largest market capitalizations among Philippine-listed companies.
The Davis Polk corporate team includes partner Mark J. Lehmkuhler, associate Sam Kelso and registered foreign lawyer David Pendergast. Partner John D. Paton and counsel Alon Gurfinkel are providing tax advice. Counsel Stephen M. Pepper is providing antitrust and competition advice. Counsel John T. Wright is providing benefits advice. Associate Randy Samson is providing intellectual property advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.
