PLDT purchases San Miguel Corp. telecommunication assets

PLDT and Globe Telecom buy the telco business of San Miguel Corp. following the failed entrance of Australian firm Telstra.

PLDT officials, led by CEO Manny V. Pangilinan, holds a press conference announcing the acquisition of telecommunication assets of San Miguel Corp.

Globe Telecom and PLDT will split up the high-speed 70 mhz block of the 700 mhz spectrum. The other 20 mhz, meanwhile, will be returned to government.

The return of the frequency to government will also allow the return of a third competitor in the market, Pangilinan says.