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Philippine’s Globe Telecom gains full control of Bayan Telecommunications

( July 22, 2015, 05:10 GMT | Official Statement) -- Philippine’s Globe Telecom gains full control of Bayantel  MLex Summary: The Philippine's Globe Telecom has agreed to purchase all the equity in the capital stock of Bayan Telecommunications, or Bayantel, that is held by Bayan Telecommunications Holdings Corporation and Lopez Holdings Corporation. The transaction was valued at approximately 1.83 billion pesos ($40.4 million), according to a disclosure submitted to the Securities and Exchange Commission. The deal follows the conversion by Globe of Bayantel debt into equity provided under the resolution of Bayantel’s rehabilitation court case in August 2013. The transaction, which received regulatory approval earlier this month, increases Globe's equity interests in Bayantel from 56.87 percent to 98.57 percent of outstanding capital.The company's full statement is attached....

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