Milbank LLP advised Udenna Corporation (“Udenna”), one of the fastest growing holding companies in the Philippines, on its US$5.4 billion joint venture arrangement with China Telecommunications Corporation (“China Telecom”) for Dito Telecommunity Corp. (“Dito”) which was selected as the winning bidder of the Philippines’ third telecommunications license. Dito’s historic winning bid is the first full-service telecommunications license to be released in Asia in almost 10 years.
The joint venture, originally named Mindanao Islamic Telephone Company, Inc., was rebranded as Dito after receiving its operating license in June. Under the terms of its license, Dito has committed to delivering an average speed of 27 Mbps to just over 37% of the population within its first year of operation. It is anticipated that the entry of Dito into the Philippines telecommunications market will foster a healthy competitive environment that will ultimately benefit consumers.
The Milbank team was led by Singapore-based partner Jacqueline Chan and Hong Kong-based partner Jim Grandolfo, with counsel Paul Pery and associate Min Kim.
Ms. Chan said: “We are thrilled to have advised Udenna on this historic transaction of national importance that is hoped to foster better telecommunication and internet service for the Philippines.” Ms. Chan added, “The joint venture reflects the highly commercial and flexible approach our team was able to utilize to accommodate first-of-its-kind deal terms within the framework of Philippines’ laws and regulations.”
