News, Philippines, Telecom

Globe now has controlling stake on Bayan Telecom

Globe-Bayan Telcom
Globe will now – technically – be the new owner of Bayan Telecom, since the Ayala-led telco has agreed to pay BayanTel’s debts to it’s local and foreign creditors.

In a report by “In a disclosure to the Philippine Stock Exchange on Wednesday, Ayala-led Globe said about 98.26 percent of the total remaining principal amount of Bayantel’s loans had been tendered as of December 21, the deadline for the settlement.

This acquisition will allow Globe to use the 1750-1760 megahertz/1845-1855 megahertz frequencies assigned to Bayantel, giving them(Globe) additional bandwidth needed to address the increasing demand for voice, SMS and mobile data services. NTC’s approval is still needed to complete the acquisition.

So it looks like 2013 is gonna be the year of the 2nd Network War where PLDT (Smart), Digitel, Globe and BayanTel battle for network supremacy!

You can read more about the story here, here and here.