By Leslie D. Venzon
MANILA, Sept. 16 (PNA) — Listed technology company Xurpas Inc. has closed a deal to acquire a 51-percent equity stake in Yondu Inc., a wholly owned subsidiary of Globe Telecom, Inc., for Php900 million.
Upon signing of the subscription agreement and deed of absolute sale of shares, Xurpas purchased 22,950 Globe shares in Yondu at Php39,215 per share, which was determined based on the negotiations between the parties.
Yondu is a leading content developer and provider of mobile value-added services and information technology (IT) services.
“The investment solidifies the Globe and Xurpas partnership in the mobile internet and digital space and will transform Yondu into a regional arm for digital content distribution and other technology-driven services,” Xurpas told the local bourse.
“The strategic alliance of Globe and Xurpas in Yondu bolsters Globe’s track record of partnering with leading digital players to strengthen its position as the purveyor of the Filipino digital lifestyle,” the company said.
Following the company’s highly successful initial public offering in 2014, Xurpas has expanded regionally, acquiring and investing in various content and distribution companies to expand its digital footprint across Southeast Asia.
Xurpas expects the acquisition of Yondu to spur its continued expansion beyond the Philippines.
For 2014, Yondu reported standalone revenues and net income of Php854 million and Php251 million, respectively.
Globe Telecom is a leading full service telecommunications company in the Philippines, serving the needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connections, internet and managed services. (PNA)