CVC buys BPO business from PLDT

CVC Capital Partners continues to make strategic investments in its third Asia fund. Its latest acquisition is the business process outsourcing BPO operations owned by a subsidiary of Philippine Long Distance Telephone PLDT.

Asia Outsourcing Gamma, a company controlled by CVC, will pay more than $300 million for 80% of the BPO businesses of SPi Global, which is wholly owned by PLDT. Asia Outsourcing Gamma is held in the private equity firm’s $4.12 billion CVC Capital Partners Asia Pacific III, set up in 2008.

CVC will take majority control of the businesses and have board representation.

PLDT will retain a...