PLDT invests US$445 million for a 10 percent stake in Rocket!
Philippine Long Distance Telephone Company (PLDT) and Rocket Internet AG recently entered into a global strategic partnership to drive the development of online and mobile payment solutions in emerging markets.
Under the terms of the partnership agreement PLDT will invest €333 million or around US$445 million for a 10 percent stake in Rocket. PLDT's investment terms reflect its long-term commitment to Rocket and its unique ability to combine PLDT’s world-class mobile money expertise and resources with Rocket's global platform to drive future value enhancing growth opportunities.
Concurrent with the investment, PLDT and Rocket will jointly develop mobile and online payment technologies and services in emerging markets. The partnership will leverage PLDT's experience and intellectual property in mobile payments and remittance platforms, together with Rocket's global technology platform, to provide products and services for the “unbanked, uncarded and unconnected” population in emerging markets.
“We are very excited to embark on this journey with Rocket. Our investment demonstrates our commitment to the global Internet market and our belief in the powerful synergies between e-Commerce and mobile payments, particularly in developing economies. The strategic partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets. Rocket has developed a unique platform for establishing new Internet companies and a proven track record in successfully rolling out these businesses in fast growing markets. We expect the partnership to have a pronounced positive impact on our organization.” Napoleon L. Nazareno, President and CEO of PLDT
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