MANILA, Philippines – Globe Telecom, Inc. (PSE: GLO) and Xurpas Inc. (PSE: X) signed an agreement yesterday with Xurpas investing Php900 Million for a 51 percent equity stake in Yondu Inc., subject to certain closing conditions.
Yondu, a wholly owned subsidiary of Globe, is a leading content developer and provider of mobile value-added services and information technology services.
The investment solidifies Globe Telecom and Xurpas partnership in the internet and digital space and will transform Yondu into a regional arm for digital content distribution and other technology-driven services.
“Globe is very excited to be partnering with Xurpas in taking Yondu to the next level. Over the past few years, we have built the company into a great platform for media and content innovation and it is time to bring our aspirations regional. In keeping with our partnership model, we have chosen to work with Xurpas to make this happen. Their track record in building businesses centered on consumer content will round out the technical and innovative capabilities of Yondu,” Globe President and CEO Ernest Cu said.
Xurpas has a strong history of deploying successful consumer technology businesses. Following the company’s highly successful initial public offering in 2014, Xurpas has expanded regionally, acquiring and investing in various content and distribution companies to expand its digital footprint across Southeast Asia. The acquisition of Yondu spurs Xurpas’ continued expansion beyond the Philippines.
“Globe Telecom has been our strongest partner in the Philippines and the investment into Yondu stengthens our joint capabilities to bring world class digital products to the global audience,” said Nix Nolledo, Xurpas CEO.
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