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Business

Ongpin group acquires 65% of German TV firm

- Zinnia B. Dela Peña -

MANILA, Philippines - Technology firms PhilWeb Corp. and ISM Communications Corp., both controlled by former Trade and Industry Minister Roberto V. Ongpin, have signed an agreement to acquire a 65 percent stake in Acentic GmbH for approximately P1.3 billion.

Founded in 2003, Acentic develops, produces and supplies digital interactive TV systems for the hotel industry in Europe, the Middle East and Africa. Its technology enables hotels to provide their guests with individual services, such as on-screen messaging, on-screen bill payment and general Internet access.

In separate disclosures to the Philippine Stock Exchange, PhilWeb and ISM said the acquisition will be made through Host Union International Ltd., the Hong Kong special purpose vehicle jointly and equally owned by the two listed companies.

Under the agreement, Host Union will acquire 650,000 shares held by LBC Capital S.A.R.L in Acentic for 19.5 million euros. The deal is targeted to be closed on Jan. 11, 2010.

Ongpin, chairman of both PhilWeb and ISM, said the acquisition price is “a great bargain for PhilWeb and ISM.”

The acquisition of Acentic serves as a jumpboard for the expansion of PhilWeb and ISM’s gaming business, currently limited to the Philippine market. The group is eyeing to expand to Europe and the Middle East to further boost growth.

“Acentic is a perfect fit to the information technology and telecommunications business of ISM as well as the gaming expertise of PhilWeb. The entry of PhilWeb and ISM in Acentic will enable Acentic to grow its predominantly European market to include the Asia-Pacific region, the fastest growing hotel market in the world,” PhilWeb and ISM said.

“PhilWeb will have an instant platform of 200,000 rooms in Europe as a market for its internet gaming offerings. Thus, the acquisition of Acentic will enable PhilWeb a quantum increase in its business prospects worldwide and well beyond just the Philippine market,” PhilWeb said.

Following the purchase, Philweb and ISM will set up a new company, Acentic Asia, to serve as a subsidiary of Acentic in order to take advantage of the rapidly growing Asia-Pacific market.

Funding for the acquisition will come from proceeds of a stock rights offering undertaken by ISM in January, which raised around P655 million, as well as the $10 million private placement made by the Ashmore Group in November 2007 and the remainder of the P300 million stock rights offering conducted in June 2007. 

PhilWeb, on the other hand, will use internally-generated funds from its operations to fund the purchase.

The 65 percent stake will be shared equally by PhilWeb and ISM, Ongpin said. The remaining 35 percent of Acentic, meanwhile, will remain with Niantic Holdings GmbH, a German company controlled by Dr. Andreas Jacobs. 

Dr. Jacobs is a well-known and highly-regarded industrialist in Germany and Switzerland. His many business interests include providing minibar services to over a million hotel rooms worldwide in addition to his major interest as the leading chocolate manufacturer in the world.

Acentic’s digital television services and high speed Internet access (HSIA) are in many of the world’s leading hotel chains including Accor, Dorint, Intercontinental Hotel Group, Hilton, Hyatt, Maritim, Marriott, Mövenpick and Starwood in more than 30 countries in Europe, Middle East and Africa.  

Headquartered in Cologne, Germany. Acentic has units in Austria, France, the Netherlands, Italy, Spain, Poland and the United Kingdom.

vuukle comment

ACENTIC

ACENTIC ASIA

ASHMORE GROUP

ASIA-PACIFIC

CAPITAL S

COMMUNICATIONS CORP

DR. ANDREAS JACOBS

ISM

MIDDLE EAST AND AFRICA

ONGPIN

PHILWEB

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