Top officials of Manny-V-Pangilinan-led PLDT and Gokongwei-owned JG Summit Inc. had recently signed an agreement 'under which PLDT will acquire JG Summit's shareholdings and other economic interests in Digitel', parent company of Sun Cellular, in exchange for around 12.8% share of PLDT.
PLDT - parent company of Smart Communications - will get a 51.55% stake of Digitel but the MVP-company will also make mandatory tender offer for remaining Digitel common shares held by minority shareholders. The tender offer will be priced at Php 1.60 per share, to be paid in the form of PLDT shares issued at Php 2,500 each.
So what will happen to Sun Cellular after the acquisition?
Supposedly, this should result to an 'improved' Sun Cellular.
Quoting PLDT President and CEO Napoleon L. Nazareno,
"Our intention is to maintain Sun's current offers and further improve them. One clear opportunity is mobile broadband. Leveraging the combined networks of PLDT, Smart and Sun, we plan to expand the reach and raise the quality of mobile broadband services for Sun subscribers. This is in line with our Internet for All advocacy."
So now that Smart has practically gobbled up Sun, Filipinos are left with only two mobile giants fighting it out for market dominance. Which side are you on? Globe or Smart?