Globe Telecom takes over BayanTel

Without much funfare, Globe Telecom is effectively the new owners of BayanTel. Or something to that effect. The negotiations between Globe and BayanTel have been going for some time now with the former offering to pay the latter’s debts.
Globe and BayanTel has been in talks about this for a long time and the two has even gone into joint-use in recent months.

BayanTel has been in debt for a long time and is under rehabilitation. The biggest asset that telcos are looking to get from them is the additional spectrum.

"In a disclosure to the Philippine Stock Exchange, the Ayala-led telco said 92.90 percent of the debt papers were tendered, adding that it would pay Bayantel’s creditors no later than December 21. {source: Interaksyon}"

This move isn’t really a surprise since Globe is looking to get more bandwidth. Globe made a bid to acquire Digitel (Sun Cellular) for the same reasons only to be out-bid by PLDT/Smart.
Globe has undertaken a modernization program starting last year in order to accommodate more traffic and subscribers.