Investing.com - China’s tech giant Tencent Holdings Ltd (HK:0700) and US-based global investment firm KKR acquired a "substantial minority stake" in Voyager Innovations, the financial technology unit of Philippine telecom company PLDT Inc (NYSE:PHI), in a deal worth of up to $175 million, according to a press release by KKR.
KKR said on Thursday that both companies will acquire newly issued shares from Voyager, which owns mobile wallet PayMaya and digital lending platform Lendr. PLDT will remain the largest shareholder of Voyager upon the completion of the deal in the fourth quarter, but it will hold less than 50% of stakes in the tech unit.
As Tencent's first investment in the Philippines, this move kicks off the battle between the company and Alibaba (NYSE:BABA) Group Holding for mobile payment in the Philippines. In 2017, Alibaba affiliate Ant Financial Services Group invested 45% in the fintech arm of Globe Telecom, PLDT’s rival.