Globe sells 51% of Yondu stake to NCSI – BusinessWorld Online
GLOBE TELECOM, Inc. has entered into a joint venture with Singapore-based NCSI Holdings Pte. Ltd. (NCSI) by selling a 51% stake in its subsidiary Yondu, Inc.
In a stock exchange disclosure on Thursday, the Ayala-led telecommunications company said it had agreed to sell 51% of its stake in Yondu to NCSI.
Globe said the resulting joint venture will have an enterprise value of P1.87 billion.
Under the agreement, NCSI will acquire Yondu shares from Globe and subscribe to new shares in Yondu. This transaction will result in NCSI obtaining 51% ownership, while Globe will retain a 49% stake.
Yondu, a unit of Globe, is an information technology (IT) solutions provider in the country.
Globe also said Yondu is set to acquire NCSI Philippines (NCSI PH) from NCSI, making it a wholly owned unit of Yondu.
“Our vision for Yondu is to be a force for good through effective IT products and services. Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide,” Globe President and Chief Executive Officer Ernest L. Cu said.
NCS, a subsidiary of Singtel Group, is a technology services firm with a presence in the Asia-Pacific region. It partners with governments and enterprises to advance communities through technology.
At the stock exchange on Thursday, shares in the company closed at P2,194 apiece, up P32 or 1.48%. — Ashley Erika O. Jose
