Milbank LLP advised Philippines broadband provider Converge ICT Solutions (“Converge”) in the US$250 million investment by United States-based Warburg Pincus, one of the world’s biggest private equity firms.
Converge operates fiber optic broadband networks and cable television services and is one of the fastest growing fiber internet and digital consumer services providers in the Philippines. The investment is anticipated to help Converge fast track the construction of its planned $1.8 billion nationwide internet backbone as it aims to capture 30 percent of the broadband market in the Philippines in the next few years.
The investment by Warburg Pincus marked the firm’s first investment in the Philippines.
The Milbank team was led by Singapore-based partner Jacqueline Chan and Hong Kong-based partner James Grandolfo with support from associates Ari Singzon in Hong Kong and Stephanie Kam in Singapore.
Ms. Chan said: “We are pleased to have played a role in facilitating this exciting and groundbreaking transaction that will allow both companies to pursue their strategic investment goals in the Philippines and highlights Converge’s vital role as a leading player in the important and fast-growing Philippines broadband market.”