Globe’s Asticom in talks for JVs, acquisitions
GLOBE TELECOM, Inc. announced on Monday that its subsidiary, Asticom Group of Companies, is looking to expand its portfolio of businesses through strategic partnerships, joint ventures (JVs), and acquisitions.
The company is currently “in talks with several parties,” Globe said in a statement.
Asticom President and Chief Executive Officer Mharicar Castillo-Reyes revealed that “a number of private equities” have approached the company in the past three months and have raised interest.
“We’re making sure that we find the right strategic partners that will help us grow the business and add value to the solutions we offer to address the needs of our customers,” she added.
Meanwhile, Asticom’s subsidiary Fiber Infrastructure and Network Services, Inc. (FINSI), a solutions provider for the telecom and technology industries, is also open to joint ventures and acquisitions.
“We’re in discussion with several companies for joint ventures. Our main goal is to increase our capabilities, grow the business, and eventually, create a connected nation,” FINSI General Manager Marc Kerveillant said.
Globe announced last week that BRAD, a shared services provider under Asticom, is targeting to cover areas beyond Luzon this year.
Asticom has formed various subsidiaries, including BRAD, Asti Business Services, Inc. (ABSI), FINSI, and HCX Technology Partners, Inc.
ABSI is Asticom’s business process solutions arm, while HCX is a provider of human resources, customer relationship management, and digital solutions.
Asticom is hoping to go public in five years.
Globe Telecom shares closed 0.98% lower at P2,424 apiece on Monday. — Arjay L. Balinbin
