KKR, Tencent to Invest in PLDT's Voyager Innovations Business
October 04 2018 - 8:42AM
Dow Jones News
By Michael Dabaie
Investors led by KKR & Co. (KKR) and Tencent Holdings Ltd.
(0700.HK) will separately subscribe to a total of up to $175
million worth of newly-issued shares in Philippines-based digital
technology company Voyager Innovations.
The investments will give them a substantial minority stake in
Voyager. PLDT Inc. (PHI), a telecommunications and digital services
provider in the Philippines, will remain as the majority
shareholder of Voyager Innovations.
The transaction is expected to close within the fourth quarter,
the companies said Thursday.
The agreements also contain provisions for Voyager Innovations
to issue additional shares to other investors which, if it were to
occur, would reduce PLDT's ownership to less than 50% while the
company would still remain as the largest shareholder.
ADRs of PLDT closed Wednesday down 1.9% to $25.40.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 04, 2018 08:27 ET (12:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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