The First Payment, representing 50% of the equity payment price of PHP52.85 billion, was paid earlier today, upon signing of the SPA. The Second Payment, representing 25%, will be due on 1st December 2016 with the Final Payment, or the remaining balance of 25%, due on 30th May 2017. The liabilities of PHP17.15 billion were assumed by PLDT and Globe upon signing.

PLDT and Globe have caused and have undertaken to cause the acquired companies to relinquish certain radio frequencies in the 700 MHz, 850 MHz, 2500 MHz, and 3500 MHz bands and to return these radio frequencies to the Government through the National Telecommunications Commission (“NTC”). The NTC has today approved the use by Smart Communications, Inc of certain radio frequencies in the 700MHz, 900MHz,1800MHz, 2300MHz, and 2500MHz bands.

PLDT Chief Executive Officer, Manuel V Pangilinan, said, ““PLDT has an execution team in place already which will enable PLDT to integrate this Acquisition rapidly into our current network and capex plans. It is fully our intention to improve Internet access and coverage nationwide on an accelerated basis.”

For this transaction, UBS AG acted as Financial Advisor to PLDT while Picazo, Buyco, Tan and Fider acted as Legal Advisor.