IRG to buy out PacNet’s Filipino stake

IRG, a financial advisory and investment firm with a strategic focus on the telecoms, media and technology sectors in Asia, has signed a letter of intent with Singapore-based Pacific Internet (PacNet) to buy the latter’s entire stake in its Philippine joint venture Prime Communications (formerly PacNet Philippines). Under the terms of offer, IRG would become a major stakeholder in the venture, which is majority owned by Primeworld Digital Systems Inc (PDSI). The deal is expected to close in the coming month.