EasyCall completes P200 million funding for IT firm purchase
MANILA, Philippines — EasyCall Communications Philippines Inc. is finalizing bank loans and shareholder advances worth up to P200 million to fund its acquisition of an information technology services firm in a move aimed at boosting its position as a technology company.
In a stock exchange filing, EasyCall said it signed transaction documents with Transnational Diversified Corp. (TDC) and TDG Ventures Inc. (TVI) last Jan. 1 for its acquisition of 100 percent of Transnational E-Business Solutions Inc. (TESI).
TESI’s shares will be purchased by EasyCall for a total of P163 million.
EasyCall said it would pay the purchase price within 30 days as it finalizes funding for the acquisition.
Aside from funding the acquisition, the P200 million bank loans and/or shareholder advances will also be used by Easycall for capital expenditures and general corporate purposes.
The acquisition of TESI is seen further enhancing EasyCall’s products and service offerings as a technology firm.
TESI is a company engaged in the business of information technology services, including software development, software as a service, and information technology outsourcing.
The firm is 50 percent owned by TDC and 50 percent owned by TVI, while EasyCall is 88.03 percent owned by TVI.
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