MANILA -- Philippine Long Distance Telephone and Globe Telecom will jointly acquire San Miguel's telecommunications assets for around 70 billion pesos ($1.5 billion), PLDT and Globe announced on Monday.
The deal is seen as the end of San Miguel's ambitions of becoming a third force in the Philippine telecommunications market. The market is currently controlled by PLDT, which is backed by Japan's NTT Group, and Globe, which is partly owned by Singapore Telecommunications.
