Picazo Buyco Tan Fider & Santos has advised the Philippines' two main telecom firms, Philippine Long Distance Telephone and Globe Telecom, on their purchase of the telecommunications business of conglomerate San Miguel Corp for $1.5 billion.

Under the terms of the deal, PLDT and Globe Telecom will acquire a 700 MHz spectrum network from San Miguel and will return certain other radio frequencies to the government, allowing for a new competitor to begin operations.

San Miguel intends to allocate proceeds from the transaction to other infrastructure projects.