According to gmanews.tv, PLDT confirmed the buzz among market and industry players that it is buying a majority stake in the Gokongwei-owned competition, Digitel Telecommunications Philippines Inc.(DTPI) — the operator of Sun Cellular.
The telecommunications giant will buy 51.5 percent ownership in Digitel Telecommunications for P69.2 billion, the payment of which will be done under a mandatory shares offering of PLDT shares at P2,500 a piece under the name of DTPI parent JG Summit Holdings Inc.
Following the acquisition, a representative of JG Summit Holdings will occupy a board seat in PLDT.
The telco giant and it lesser competition intend to complete the transaction by the second quarter the year.
PLDT said it intends to keep Digitel's mobile operations — Sun Cellular — separate and intact, giving the country's oldest and largest telecommunications company total of three mobile telephone services under its belt aside from Smart and Red Mobile.
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Hopefully this will not lead to monopoly cause it's not good with the consumers. And the most critical issues here is what will happen to me and to other employee of Sun Cellular. this is not good.