Reuters – CVC Buying Philippine Long Distance Telephone Co.

Philippine Long Distance Telephone Co. said it will sell a majority stake in its business process outsourcing unit to private equity firm CVC Capital Partners Ltd – a deal that underlines rising interest in the Philippines as an investment destination, Reuters reported. Terms of the PLDT deal were not disclosed, but a source familiar with the matter said last month that PLDT was in exclusive talks with CVC for a deal valued at about $320 million including debt.