PLDT Inc. has completed its P2.94-billion acquisition of Radius Telecoms, giving the Pangilinan-led telco full ownership of the fiber infrastructure provider.

In a disclosure on Thursday, PLDT said its board approved the purchase of the remaining 65.1 percent stake in Radius from Paragon Vertical Corp., a subsidiary of e-Meralco Ventures Inc. under Manila Electric Co. (Meralco). Prior to the deal, PLDT already owned 34.9 percent of the company.

The transaction covers 4.65 million Radius common shares priced at P631.52 each, totaling P2.935 billion.

PLDT said the acquisition will be funded in cash, with 60 percent payable upon closing and the remaining 40 percent  due within 10 months.

Despite the scale of the transaction, PLDT said the acquisition is not expected to negatively affect its business, financial condition, or operations. 

The deal remains subject to definitive agreements and regulatory approvals, including clearance from the Philippine Competition Commission and the National Telecommunications Commission.

For the company, the takeover strengthens its fiber infrastructure portfolio, as Radius operates fiber facilities serving enterprise buildings, residential developments, and multi-dwelling units nationwide. 

Radius also holds a congressional telecommunications franchise that allows it to provide basic and enhanced telecommunications services in the Philippines and abroad.