PLDT agrees to pay Digitel minority shareholders PHP600m; raises stake to 98%

Philippine Long Distance Telephone Company (PLDT) has agreed to pay a total of PHP600 million (USD13.82 million) to minority shareholders of Digital Telecommunications Inc (Digitel) who agreed to sell their shares to the larger firm at PHP1.66 each. In total, 13% or 374 million Digitel shares are to be paid in cash, and 87% or 2,514 million shares are to be paid in PLDT common shares. The buyout offer was triggered by PLDT’s acquisition of a 51.55% controlling stake in Digitel last year. With the tender offer concluded, the operator now owns 98% of Digitel.