Philippines: Closed PCC investigation into PTCI and Globe merger

On 5 January 2023, the Philippine Competition Commission (PCC) closed its investigation into the proposed acquisition by Phil-Tower Consortium Inc. (PTCI) of approximately 1,350 tower assets from Globe Telecom, Inc. (Globe). The transaction, executed on 23 September 2022, involved PTCI acquiring the tower assets and leasing them back to Globe. The PCC investigated whether the arrangement could assess potential competition concerns under the merger control regulation. The investigation found that the transaction is unlikely to result in competition concerns, noting no significant risk of PTCI increasing its market share in the telecommunications infrastructure sector and no acquisition of control of all or substantially all assets. Consequently, the PCC decided to take no further action, allowing the transaction to proceed without additional conditions.