China’s Tencent, KRR invest $175M in PLDT’s Voyager
Chinese internet giant Tencent Holdings Inc. and global investment firm KKR are investing a combined $175 million in Philippines’leading digital technology company.
The deal, which is expected to be consummated within the year, gives Tencent and KKR substantial minority stake in Voyager Inc.
PLDT will remain as the majority shareholder Voyager with an ownership of less than 50 percent.
Voyaver is focused on developing customer-centric emerging market platforms in the areas of digital payments, digital finance, and marketing technologies.
PLDT said this largest investment to date in a Philippine technology company would “trigger an inflection point in digital adoption and financial inclusion in the country,.”
“Having global powerhouses such as KKR and Tencent as investors in Voyager demonstrates not only their confidence in the company’s ability to execute its vision, but also their confidence in the Philippine technology industry as a whole,” said Manuel V. Pangilinan, chairman and president of PLDT.
Tencent chief strategy officer James Mitchell said they were looking forward to help Voyager advance financial inclusion in the Philippines.
Voyager connects the growing smartphone population in the Philippines to online payments and financial services.
The transaction is not subject to the compulsory merger notification regime under the Philippine Competition Act and its Implementing Rules and Regulations.
In addition, the Bangko Sentral ng Pilipinas has posed no objection to the investment.