Reuters - CVC Buying Philippine Long Distance Telephone Co.

Philippine Long Distance Telephone Co. said it will sell a majority stake in its business process outsourcing unit to private equity firm CVC Capital Partners Ltd - a deal that underlines rising interest in the Philippines as an investment destination, Reuters reported. Terms of the PLDT deal were not disclosed, but a source familiar with the matter said last month that PLDT was in exclusive talks with CVC for a deal valued at about $320 million including debt. The deal is also the second that CVC has closed in Southeast Asia in less than a month, after leading a consortium to acquire Malaysia's two main KFC fast food franchises for $1.7 billion.

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