Globe-Bayantel debt-to-equity deal gets NTC nod

THE National Telecommunications Commission (NTC) on Friday approved the acquisition by Globe Telecom Inc. of a 54-percent stake in Bayan Telecommunications Inc. (Bayantel) under a debt-to-equity transaction.

“With ample safeguard adopted by the commission to still foster and ensure a level playing field, including the conditions attached to the approval of the frequency sharing arrangement between Bayantel and Globe, the commission finds that the acquisition by Globe of a controlling interest in Bayantel, pursuant to the court-approved Amended Rehabilitation Plan and Master Restructuring Agreement, neither poses any prejudice to the public interest and convenience nor will make the service fail to operate or function better,” the regulator said.