KKR, Tencent invests $175m into Voyager Innovations

October 4, 2018

PLDT Inc. announced on Thursday the investment of global investment firm KKR ( Kohlberg Kravis Roberts) and China’s leading internet service provider Tencent Holdings Ltd. in Voyager Innovations Inc. for $175 million.

Under the agreement, KKR and Tencent will separately subscribe to a total of up to $175 million worth of newly-issued shares in Voyager,  giving them a substantial minority stake in the Philippines’ leading digital technology company.

Upon the closing of the transaction, which is expected within the fourth quarter of 2018, PLDT will remain as the majority shareholder of Voyager.

The agreements also contain provisions for Voyager to issue additional shares to other investors which would reduce PLDT’s ownership to less than 50 percent while still remaining as the largest shareholder.

PLDT said the new external funding in Voyager Innovations marks the largest investment to date in a Philippine technology company.

With the global expertise and fresh capital from the new investors, Voyager  will enable greater access to mobile payments and the internet as a whole for the country’s population.

“Having global powerhouses such as KKR and Tencent as investors in Voyager  demonstrates not only their confidence in the company’s ability to execute its vision, but also their confidence in the Philippine technology industry as a whole,”Manuel V. Pangilinan, chairman, president and chief executive of  PLDT, said.

Orlando Vea, president and chief executive of  Voyager said this is a watershed moment not only for Voyager Innovations but also for the Philippines.

"With this investment by KKR and Tencent, we will trigger an inflection point in digital adoption and financial inclusion in the country,” Vea said. DMS