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Clifford Chance advises CVC on purchase of Philippines business process outsourcing company

6 February 2013

Clifford Chance advises CVC on purchase of Philippines business process outsourcing company

Hong Kong: Leading international law firm Clifford Chance has advised Asia Outsourcing Gamma Limited, a company controlled by CVC Capital Partners, on its purchase of Philippine Long Distance Telephone Company's (PLDT) Business Process Outsourcing (BPO) business. The purchase price was in excess of US$300 million and is expected to close in March 2013, subject to government approvals.

PLDT will reinvest 20% of the proceeds from the sale into Asia Outsourcing Gamma Limited and continue to participate in the growth of the business as a partner with CV

C.Partner Neeraj Budhwani, who led on the deal said, "We are delighted to have advised our longstanding client CVC on their second investment in the Philippines in as many years. This latest buyout is further evidence of the attractive opportunities our clients are seeing in the South East Asia region."

In 2011, Clifford Chance advised CVC on the US$115 million acquisition of approximately 15% of the share capital of Rizal Commercial Banking Corporation, a listed company in the Philippines.

Neeraj was assisted by senior associate Isaac Stewart and associates Bryan Koo, Maureen Ho and Nakisa Jobling.

In the past year, Clifford Chance also advised CVC on several transactions across the region including its US$105 million investment in Venturepharma Group in China; Metropolitan Light company Limited, a company formed by CVC Funds, on its acquisition of Hong Kong Broadband Network and the IDD business from City Telecom Limited; and its sale of Minit Asia Pacific Co. Ltd. in Japan.

CVC is one of the world's leading private equity and investment advisory firms. Founded in 1981, CVC today has a network of 21 offices and some 280 employees throughout Europe, Asia and the US.

The business process outsourcing company, headquartered in the Philippines, has operations in India and the US and is one of the largest and most diversified BPO service providers in terms of clients, geographic presence, and capabilities.