Capital International Backs Philippines Media Conglomerate (Asia)

Source: AVCJ  |  Author: Tim Burroughs

Emerging markets private equity firm Capital International Private Equity Funds (CIPEF) has invested PHP2.5 billion (approximately US$60.7 million) in Filipino media and entertainment company ABS-CBN. The funding is intended to expand ABS-CBN’s platform offerings, including its digital terrestrial television services. CIPEF will purchase Philippines Deposit Receipts (PDRs) issued by ABS-CBN at a 2.1 percent discount to the 45-day volume-weighted average.