CVC Pays Up To $320M For Philippine Phone Co. Unit

Law360, New York (February 5, 2013, 2:07 PM EST) -- Philippine Long Distance Telephone Co. will hand over control of its business process outsourcing unit to CVC Capital Partners-backed outsourcing specialist Asia Outsourcing Gamma Ltd., it said Tuesday, in a sale reportedly worth as much as $320 million.

The pair did not disclose the deal's financial terms, but multiple media outlets pegged its value. They also did not spell out financing plans for Asia Outsourcing or CVC, but said PLDT would reinvest a portion of the deal's proceeds to reclaim a 20 percent stake in the...
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