PLDT buys Piltel's fixed line business for USD20 million

7 Jan 2008

Philippine Long Distance Telephone (PLDT), the country’s dominant carrier by subscribers and revenues, has acquired the fixed line assets of its indirectly owned telecoms unit Pilipino Telephone Corp (Piltel) for PHP802.3 million (USD19.55 million), Thomson Financial reports. Upon completion of the sale, Piltel will be solely engaged in the wireless business. Piltel is 92% owned by domestic mobile operator Smart Communications which itself is a wholly owned division of PLDT. Piltel had a total of 40,415 fixed line subscribers at the end of September 2007.