Billionaire Salim's PLDT In Talks To Sell Part Of $1 Billion Data Center Portfolio To CVC [Forbes]
FIRST PAC CO LTD S/ADR (FPAFY)
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firstpacific.com
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Source: Forbes
Pacific—is in negotiations for the sale of a stake in its data center business to Luxembourg-based private equity firm CVC Capital Partners. The Philippine telecom giant is in exclusive discussions with CVC but the period of exclusivity will “run out pretty soon,” Manuel Pangilinan, chairman and CEO of PLDT, said at the company's quarterly earnings briefing. on Tuesday. CVC has yet to reply to Forbes Asia 's request for comment. Pangilinan, who has led PLDT since First Pacific bought the company in 1998, said in previous media briefings that up to 49% of the company data center business, which he valued at least $1 billion, will be sold to pare down PLDT's debts. Proceeds from the sale, which is targeted for completion in 2025, will help PLDT reduce debt and lower its net debt to EBITDA ratio from 2.44 times currently to 2 times within two to three years. That will help boost the company's free cash flow and maintain a 60% dividend payout, chief financial officer Danny Yu told F
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