trending Market Intelligence /marketintelligence/en/news-insights/trending/k-MgDqKHrWKe1PaTBG0PIA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Review of Philippine telcos' buyout deal clears legal hurdle

TMT News & Research: 2020 Recap

Blog

Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic


Review of Philippine telcos' buyout deal clears legal hurdle

The PhilippineCompetition Commission will proceed with its review of the joint buyout ofSan Miguel Corp.'stelco unit Vega Telecom by Philippine Long Distance Telephone Co. and following acourt ruling, the Philippine DailyInquirer reported July 24.

The Philippine Court of Appeals denied Globe's applicationfor a temporary restraining order and preliminary injunction against the PCCprobe, the report said.

Both telcos previously made separate court filings in an attempt to stop thePCC from investigating the 70 billion Philippine peso transaction, claiming thedeal warranted automatic approval based on the regulator's transitory rules.

The PCC said in a July 22 statement after the court rulingthat PLDT and Globe acted with "undue haste" trying to halt thereview, and that the regulator is hoping for the two companies' cooperationgoing forward.

As of July 22, US$1 isequivalent to 47.13 Philippine pesos.