ABS-CBN News reports that broadband provider Converge ICT Solutions has purchased a stake in Digital Telecommunications Philippines for PHP231 million (USD4.8 million), giving it ten million shares in cable landing operator Digitel Crossing Inc. (DCI). Converge, which provides fibre-based internet access in the country, told the stock exchange: ‘Acquiring DCI will promote synergies in the telecommunications business of CNVRG and is meant to implement the joint venture between CNVRG, DCI and Pacnet Network (Philippines)’, adding: ‘The parties negotiated and mutually agreed on the purchase price, taking into consideration the estimated fair value of the shares of DCI’. Under the plan, DCI will maintain and operate the cable landing stations for the EAC and C2C cable systems.
In a separate disclosure, meanwhile, Converge said it has also purchased 300,000 common shares in Asia Netcom Philippines for PHP127 million, as the broadband provider continues efforts to bolster its backbone to reach its goal of servicing 55% of Filipino homes by 2025.