PLDT Inc. has officially closed its $175-million deal with Tencent Holdings Inc., the operator of Chinese super app WeChat, and Kohlberg Kravis Roberts & Co. (KKR), for the sale of a portion of its shares in Voyager Innovations Inc. to the two foreign companies.
The two foreign investors subscribed to newly issued shares in Voyager on October 4 this year, giving them a minority share in the Filipino financial technology firm.
The investments, Voyager President Orlando B. Vea said, signals the start of the Philippines becoming a tech-investment haven.
“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,” he said.
“We believe with investors like KKR and Tencent leading the way, the Philippines’s profile as a destination for tech investment is on the rise,” Vea said. Aside from Tencent and KKR, International Finance Corp. and IFC Emerging Asia Fund also signified their intention to invest in Voyager.
The global lender has committed to inject $40 million in Voyager for a minority stake.
Once this deal closes, PLDT’s shares in Voyager will dilute to less than 50 percent. It will, however, remain as the single largest investor in the tech company.
Voyager is expected to “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.”
Voyager is known for its tech platforms such as PayMaya, Smart Padala, Lendr and freenet.