{"id":19878,"date":"2024-07-23T03:03:18","date_gmt":"2024-07-23T03:03:18","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sky-converge-deal-may-lead-to-bigger-move-analysts\/"},"modified":"2024-07-23T03:03:18","modified_gmt":"2024-07-23T03:03:18","slug":"sky-converge-deal-may-lead-to-bigger-move-analysts","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sky-converge-deal-may-lead-to-bigger-move-analysts\/","title":{"rendered":"Sky-Converge deal may lead to bigger move \u2014 analysts"},"content":{"rendered":"
\n

By Ashley Erika O. Jose, <\/b>Reporter<\/i><\/p>\n

THE PARTNERSHIP between Sky Cable Corp. and Converge ICT Solutions, Inc. could evolve into a more significant transaction, especially in light of the canceled deal with PLDT Inc., according to some analysts.<\/p>\n

\u201cIf Sky is able to right itself on the back of this deal as well as other initiatives, it may become a more suitable candidate for a sale,\u201d Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.<\/p>\n

\u201cSince Converge already has its foot in the door, it might be seen as the preferred buyer if a sale occurs,\u201d he added.<\/p>\n

On Monday, Sky Cable and Converge announced a commercial agreement to upgrade Sky Cable\u2019s network and services.<\/p>\n

Under the partnership, Sky Cable will use Converge\u2019s network to enhance its offerings.<\/p>\n

\u201cThe recent partnership between Converge and Sky Cable could pave the way for a potential acquisition by Converge,\u201d said Seedbox Securities, Inc. equity trader Jayniel Carl S. Manuel.<\/p>\n

However, the viability of an acquisition would depend highly on the success of Sky Cable\u2019s operations, he added.<\/p>\n

\u201cWhile the partnership\u2019s specifics will play a crucial role in determining the likelihood of an acquisition, Converge has consistently expressed a strong desire to expand its market presence,\u201d Mr. Manuel said.<\/p>\n

For any possible takeover, the decision of PLDT to cancel its plan to acquire Sky Cable is also worth noting due to Sky Cable\u2019s liabilities and financial losses.<\/p>\n

\u201cPLDT was unwilling to absorb such substantial debts given Sky Cable\u2019s financial condition. If Converge finds these liabilities manageable, the possibility of an acquisition remains viable,\u201d Mr. Manuel said.<\/span><\/p>\n

Meanwhile, Mr. Colet urged the two companies to disclose specifics on the partnership, particularly the amount involved in the deal.<\/span><\/p>\n

\u201cSo that public investors can better assess its impact,\u201d Mr.\u00a0Colet said.<\/span><\/p>\n

\u201cWe think the agreement could provide Converge with opportunities to improve revenues and possibly enhance cost dynamics as it looks to monetize its excess capacity,\u201d China Bank Securities Corp. Research Associate Stephen Gabriel Y. Oliveros said in an e-mail.<\/p>\n

\u201cFor ABS-CBN, the upside is a potential sale of Sky Cable down the road to Converge,\u201d Mr. Colet said.<\/span><\/p>\n

In February, ABS-CBN and PLDT decided to cancel the sale of Sky Cable to PLDT.<\/p>\n

The sale was intended to help pay off ABS-CBN\u2019s loans.<\/p>\n

As of May, Sky Cable had a loan balance of P4.5 billion, with P2.05 billion due within one year.<\/span><\/p>\n

\u201cThis (partnership) will provide a revenue boost for Converge, consistent with similar arrangements with other players, as we are able to continue to monetize our excess network capacity,\u201d Converge President Maria Grace Y. Uy said in a statement.<\/p>\n

Converge has the largest fiber-to-the-home network in the country, with more than eight million ports and a fiber footprint of over 700,000 kilometers.<\/p>\n

The company serves 2.3 million residential broadband subscribers in the Philippines.<\/p>\n

\u201cBy sharing network assets, Converge can quickly scale its operations and offer improved connectivity to a broader customer base, reinforcing its position in the competitive internet service provider market,\u201d Mr.\u2009Manuel said.<\/span><\/p>\n

At the stock exchange on Monday, shares in Converge closed eight centavos or 0.71% lower at P11.12 apiece, while shares in ABS-CBN gained three centavos or 0.6% to end at P5 each.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PARTNERSHIP between Sky Cable Corp. and Converge ICT Solutions, Inc. could evolve into a more significant transaction, especially in light of the canceled deal with PLDT Inc., according to some analysts.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[15744,2848,14644,2542,4944,170,5734,18879,11],"class_list":["post-19878","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-analysts","tag-bigger","tag-bworldonline","tag-deal","tag-lead","tag-may","tag-move","tag-sky-converge","tag-years"],"yoast_head":"\nSky-Converge deal may lead to bigger move \u2014 analysts - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/sky-converge-deal-may-lead-to-bigger-move-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sky-Converge deal may lead to bigger move \u2014 analysts - 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