Philippine listed mobile carrier Globe Telecom Inc has agreed to purchase all the equity in the capital stock of Bayan Telecommunications Inc (Bayantel) that are held by Bayan Telecommunications Holdings Corp (BTHC) and Lopez Holdings Corp (LHC).
Pegged at $40.4 million (P1.83 billion), the transaction involves up to 70,763,707 Bayantel shares and increases Globe’s equity interests in Bayantel from 56.87 per cent to 98.57 per cent of outstanding capital stock, Globe said in a statement.
