date:Aug 17, 2012
In a filing to the Philippine Stock Exchange, URC said that its board has approved the proposal to acquire the 23% stake in URCI that it does not own.
In the disclosure, URC said the acquisition of URCI shares will allow the company to benefit from the strong growth of its international operations.
The acquisition is therefore accretive for the company, URC added.
This deal, which is likely to be completed by September 2012, values URCI at PHP31.3bn ($740.82m), about 15.5 times its projected ear