MANILA, Philippines--(BUSINESS WIRE)--PLDT Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI), the leading telecommunications and digital services provider in the Philippines, today announced the closing of the US$175 million investment in Voyager Innovations by KKR (NYSE: KKR), a global investment firm, and Tencent Holdings Ltd. (0700.HK), a leading provider of internet services in China.
"Voyager can now step up its efforts to make its innovative financial and internet platforms more accessible to more Filipinos in more parts of the country," said Manuel V. Pangilinan, Chairman and CEO of PLDT and Smart Communications.
“We believe with investors like KKR and Tencent leading the way, the Philippines’ profile as a destination for tech investment is on the rise,” said Orlando B. Vea, President and CEO of Voyager Innovations.
As previously announced on 4th October 2018, KKR and Tencent subscribed to newly-issued shares in Voyager Innovations, the Philippines’ leading digital technology company. KKR and Tencent’s investment gives them a substantial minority stake in the Company.
PLDT also announced on 26th November 2018 that the International Finance Corporation (IFC) and IFC Emerging Asia Fund committed to invest US$40 million in Voyager Innovations. This transaction is expected to close within a few weeks. In total, Voyager Innovations will raise US$215 million, making this the largest private fund raising to-date in a Philippine technology company.
Voyager Innovations will leverage the new capital and significant expertise of KKR, Tencent, IFC, and IFC Emerging Asia Fund as it carries out its mission to accelerate digital and financial inclusion in the Philippines and enable the broader Filipino population to participate in the digital economy.
The company’s award-winning technology platforms support the following digital services:
- PayMaya, the most recognized prepaid payment wallet service in the Philippines, enabling Filipinos to shop online, pay bills, buy airtime load, and send money;
- PayMaya Business, the largest mobile acquiring service in the Philippines, enabling enterprises of all sizes to accept digital payments;
- Smart Padala, the largest mobile-based remittance network in the Philippines;
- Lendr, the largest digital lending platform in the Philippines; and
- freenet, the most popular rewards app for free access to the internet and apps in the Philippines.
This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and uncertainties that could affect PLDT’s business and results of operations. Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.
PLDT is the leading telecommunications provider in the Philippines. Through its principal business groups – fixed line and wireless– PLDT offers a wide range of telecommunications services across the Philippines’ most extensive fiber optic backbone and fixed line, and mobile network.
PLDT is listed on the Philippine Stock Exchange (PSE: TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine listed companies.
Further information can be obtained by visiting the web at www.pldt.com.
About VOYAGER INNOVATIONS
Voyager Innovations is the leading technology company in the Philippines focused on developing customer-centric emerging market platforms in the areas of digital payments, digital finance, and marketing technologies. For more information, visit www.voyagerinnovation.com.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Tencent uses technology to enrich the lives of Internet users. Our social products WeChat and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth. Tencent invests heavily in people and innovation, enabling us to evolve with the Internet.
Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (0700.HK) are traded on the Main Board of the Stock Exchange of Hong Kong.