By Zinnia B. Dela Peña
(The Philippine Star)
MANILA, Philippines - Host Union International Ltd., a Hong Kong-based company jointly owned by PhilWeb Corp. and ISM Communications Corp., has completed the acquisition of a 65-percent stake in Acentic GmbH, a Germany-based international provider of digital and Internet protocol converged services to hotels, tourism facilities and healthcare facilities.
Host Union acquired 650,000 shares held by LBC Capital S.A.R.L in Acentic for P1.3 billion. The remaining 35 percent of Acentic will be retained by Niantic Holdings, a German provider of minibar services.
Incorporated in 2003, Acentic provides in-room entertainment including digital television and high-speed Internet access for several top hotel groups, including Intercontinental, Hilton, Hyatt, Marriott and Starwood, in more than 30 countries in Europe, the Middle East and Africa.
PhilWeb and ISM also arranged for a bank loan for Acentic in the amount of $22.6 million for working capital and expansion requirements. The 65-percent stake will be divided equally between PhilWeb and ISM.
With the acquisition of Acentic, PhilWeb and ISM expect a dramatic growth in their gaming business, which is currently limited to the Philippine market. The group is eyeing to expand to major countries like Europe and the Middle East to further boost growth. Read more..
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