Proceeds of US$ 472 million for 24.8% stake to go towards debt reduction
Deutsche Telekom will sell its 24.8% stake in the Philippines' telecommunications operator, Globe Telecom, to Ayala Corporation and Singapore Telecom International Pte Ltd. Ayala Corporation and Singapore Telecom today served Deutsche Telekom with a notice that they accept the offer given to them on October 13th. The parties are in the process of finalizing the technical details of the closing of the transaction.
The aggregate purchase price for Deutsche Telekom will be US$472 million and will be used for the company's debt reduction program.