Avendus Capital Advises CVC in Its Acquisition of SPi Global Holdings, BPO Business of PLDT.

Philippine Long Distance Telephone Company ("PLDT") announced that it has entered into an agreement to sell the Business Process Outsourcing ("BPO") businesses owned by its wholly-owned subsidiary - SPi Global Holdings, Inc. ("SPi") - to Asia Outsourcing Gamma Limited, a company controlled by CVC Capital Partners ("CVC"). The sale of the BPO business is expected to be completed by March 2013, after satisfaction of agreed closing conditions.

SPi is one of the world's largest and most diversified BPO service providers in terms of clients, geographic presence, and capabilities. SPi provides domain expertise in the Customer Interaction, Healthcare, and Publishing markets. SPi also provides services across a wide range of industries, including banking and financial services, government, information technology, media, non-profit organizations, retail, and travel. Through its key competencies, SPi supports the vibrant BPO industry worldwide.

PLDT will reinvest some of the proceeds from the sale into Asia Outsourcing Gamma Limited and continue to participate in the growth of the business as a partner of CVC with an approximate 20% stake.

Avendus Capital acted as financial adviser to CVC, with its US and European teams leading the transaction.