PLDT Inc. (PLDT), the leading telecommunications and digital services provider in the Philippines, on Wednesday announced the closing of the $175 million investment in Voyager Innovations by KKR, a global investment firm, and Tencent Holdings Ltd., a leading provider of Internet services in China.
“Voyager can now step up its efforts to make its innovative financial and Internet platforms more accessible to more Filipinos in more parts of the country,” said Manuel Pangilinan, chairman and CEO of PLDT and Smart Communications.
“We believe with investors like KKR and Tencent leading the way, the Philippines’ profile as a destination for tech investment is on the rise,” said Orlando Vea, president and CEO of Voyager Innovations.
As previously announced on 4 October 2018, KKR and Tencent subscribed to newly-issued shares in Voyager Innovations, the Philippines’ leading digital technology company.
KKR and Tencent’s investment gives them a substantial minority stake in the company.
PLDT also announced on 26 November 2018 that the International Finance Corp. (IFC) and IFC Emerging Asia Fund committed to invest $40 million in Voyager Innovations.
This transaction is expected to close within a few weeks. In total, Voyager Innovations will raise $215 million, making this the largest private fund raising to date in a Philippine technology company.
Voyager Innovations will leverage the new capital and significant expertise of KKR, Tencent, IFC and IFC Emerging Asia Fund as it carries out its mission to accelerate digital and financial inclusion in the Philippines and enable the broader Filipino population to participate in the digital economy.