Finally, the P18 billion GCash deal was sealed by Ayala Corp. and Mistubishi Corporation resulting in equal ownership of AC Ventures Holding Corp. which itself has a stake in the e-wallet giant’s operator, according to a Daily Tribune business news report. Take note, however, that the big deal is still subject to approval by regulators. The deal between the two corporations was previously disclosed last October.
To put things in perspective, posted below is an excerpt from the report of the Daily Tribune. Some parts in boldface…
Ayala Corp. (AC) and Japan’s Mitsubishi Corp. (MC) have finalized a P18.4-billion agreement that will give them equal ownership of AC Ventures Holding Corp. (ACV), which holds a stake in GCash operator Mynt.
In a disclosure to the stock exchange on Wednesday, Ayala said it formally signed an investment agreement with Mitsubishi last 31 March for the subscription to 18,033,946 common and redeemable preferred shares of ACV.
AC noted that the agreement amends a previous disclosure from 18 October 2024, which outlined a binding term sheet between the two firms. The proceeds of the transaction will be used to redeem AC’s redeemable preferred shares in ACV and cover related costs.
The deal, however, remains subject to regulatory approvals, including amendments to ACV’s articles of incorporation by the Securities and Exchange Commission and clearance from the Philippine Competition Commission.
Ayala President and CEO Cezar Consing previously said that the tie-up with Mitsubishi “can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users.”
Ayala announced plans to bring in a strategic investor in August last year to strengthen GCash, which saw a surge in popularity during the pandemic. The conglomerate invested P22.4 billion in Mynt, increasing its stake in Globe Telecom, Inc.’s fintech arm.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think improvements with GCash will be realized under the Ayala-Mistubishi deal? Do you think the sealed deal will eventually get approved by the regulators? If you are a GCash user, what kind of improvements do you hope to see?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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