Converge reportedly mulling assets sale to raise $1bn

Converge reportedly mulling assets sale to raise $1bn

Philippines-based Converge ICT Solutions is reportedly mulling the sale of its shares in its infrastructure platform, a move to potentially raise US$1 billion in capital for investment across its business.

Bloomberg reported, that Converge has held discussions with potential advisers for a future deal that will bring in minority stakeholders that would bring in around US$1 billion depending on the final structure and size of the company, and interest from external firms.

Sources said negotiations are at a preliminary stage, Converge investor relations director Owen Kieffer Ocampo said the company regularly reviews opportunities to maximise shareholder value but no decision on transactions has been made.

Converge sells fixed broadband services, possessing 560,000km of fibre assets that connect 13.5 million homes in the Philippines, since the end of June.

Communications assets in Southeast Asia have been of high interest to investment firms, as operators such as Globe Telecom have seized opportunities to sell off tower assets to raise capital. 

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