Globe Telecom has agreed to sell a 51% stake in its mobile IT services and content unit Yondu to value-added services (VAS) provider Xurpas for 900 million Philippine pesos (€17.2 million).
As p art of the deal, Globe and Xurdas have established a strategic partnership to extend Yondu’s reach to new customers and new markets.
"Over the past few years, we have built the company into a great platform for media and content innovation and it is time to bring our aspirations regional," said Ernest Cu, CEO of Globe, in a statement on Tuesday.
"In keeping with our partnership model, we have chosen to work with Xurpas to make this happen," he said. "Their track record in building businesses centred on consumer content will round out the technical and innovative capabilities of Yondu."
Xurpas offers a range of products to operators, including but not limited to online casual games, content discovery applications, and tailored voice, SMS, and data bundles. Its area of business overlaps with that of Yondu, which also provides IT services to pharmaceutical, banking, outsourcing and manufacturing companies, as well as telcos.
Xurpas also counts Globe as one of its customers.
"Globe Telecom has been one of our strongest partners in the Philippines and the investment into Yondu strengthens our joint capabilities to bring world class digital products to the global audience," declared Nix Nolledo, CEO of Xurpas.
