Philippine conglomerate San Miguel has expanded its telecom portfolio with the purchase of a 40% stake in Eastern Telecom Philippines (ETPI).
The company, through subsidiary Vega Telecom, acquired 100% of holding company AGN Philippines, which itself holds the stake in Eastern Telecom, San Miguel disclosed to the market.
Through the deal, San Miguel has become the largest shareholder in ETPI, which provides data and internet services in metro Manila and some other areas of the Philippines.
ETPI also runs a subsidiary with authority to maintain local exchange carrier services in metro Manila, and owns a stake in subsea cable installation and maintenance craft provider Asean Cableship.
Sources close to the deal told the Philippine Daily Inquirer that San Miguel acquired ETPI for its extensive backhaul and fiber assets in its operational areas.
San Miguel, a conglomerate most well-known for its brewery operations, has recently been building up a presence in telecom.
The company has acquired operators Liberty Telecom and Bell Telecom, and is thought to be working on more acquisitions in the sector.