ePLDT Acquires Leading Business Process Outsourcing Provider, SPi, For $158.8 million
New York, July 10, 2006 - ePLDT has completed its acquisition of SPI Technologies (SPi), a leading business process outsourcing (BPO) company. The purchase price was $158.8 million inclusive of debt. The acquisition is considered a strategic move that will place ePLDT at the forefront of the fast growing BPO industry. ePLDT currently has a call center operation through ePLDT Ventus. The business combination with SPi will create one of the largest and most diversified operations in the industry with 11,000 skilled employees delivering a wide range of knowledge-based voice and non-voice solutions.
Since its founding 26 years ago, SPi has evolved into a global outsourcing provider with 6,500 employees across North America, Europe, and Asia. The preferred outsourcing vendor for large-scale, complex and information intensive projects, SPi partners with customers to create, manage, deploy and store their content and data in multi-format environments. Its customers include Fortune 100 companies, non-profit organizations and government agencies in the financial services, healthcare, legal and publishing markets.
Ray C. Espinosa, President of ePLDT said, "The acquisition was driven by ePLDT's desire to take advantage of the forecasted strong growth of the global BPO industry. SPi is one of the premier assets in the industry, considering their brand recognition in BPO, solid track record and large base of loyal customers. Together, we are well placed to be one of the dominant players in the business."
"With all our acquisitions, we seek opportunities that enhance our growth, improve the quality of our earnings, and complement our corporate culture. While SPi certainly meets our financial objectives, I'm equally pleased by the addition of such a dedicated workforce with a tremendous work ethic and focus on quality," added Napoleon L. Nazareno, President of PLDT.
Ernest L. Cu, President & Chief Executive Officer of SPi said, "The management team is very supportive of this acquisition and quite excited about this new phase in SPi's history. Global 2000 companies are increasingly preferring full service companies who can deliver a broad range of both voice and non-voice services across multiple countries. With ePLDT's call center capabilities, IT infrastructure and financial resources, we will be among a select few in the world who can execute on these opportunities."
Merrill Lynch were the advisors to the sellers, which was comprised of an investment group led by TH Lee Putnam Ventures. Credit Suisse were the advisors to ePLDT.
About ePLDT
ePLDT, Inc., is a wholly-owned subsidiary of the Philippine Long Distance Telephone Company ("PLDT"). PLDT is the leading telecommunications provider in the Philippines. Through its three principal business groups - fixed line (PLDT), wireless (Smart Communications), and information and communication technology (ePLDT) - PLDT offers the largest and most diversified range of telecommunications services across the country. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depository Receipts are listed on the New York Stock Exchange (NYSE:PHI). The company has a market cap of approximately US$7,225 million, and for the 12 months ended 31 December 2005, PLDT had total assets of US$4,907 million, revenues of US$2,448 million and net income of US$671 million.
About SPi
SPi is a leading global BPO provider with 19 customer support and service delivery locations across the United States, Europe, and Asia. With 6,500 employees worldwide, the company provides scalable and innovative content outsourcing solutions to diversified markets. SPi has industry-leading, time-tested expertise in all their specialty markets and are committed to ensuring exceptional value for their customers.
Contact: May Dizon
Corporate Communications Manager
SPi
(632) 855 8655
[email protected]