CVC Capital Partners continues to make strategic investments in its third Asia fund. Its latest acquisition is the business process outsourcing BPO operations owned by a subsidiary of Philippine Long Distance Telephone PLDT.
Asia Outsourcing Gamma, a company controlled by CVC, will pay more than $300 million for 80% of the BPO businesses of SPi Global, which is wholly owned by PLDT. Asia Outsourcing Gamma is held in the private equity firm’s $4.12 billion CVC Capital Partners Asia Pacific III, set up in 2008.
CVC will take majority control of the businesses and have board representation.
PLDT will retain a...