Mitsubishi Corp will more than triple its stake in Ayala Corp to 15% in a 44.5 billion Philippine peso ($709.48 million) deal, the Philippine conglomerate said on Monday, deepening the Japanese firm’s footprint in the country.
At 650 Philippine pesos per share, the deal values Ayala at about 403.27 billion pesos, representing a nearly 22% premium to its last closing price.
The Japanese trading house, which currently holds a stake of 4.7%, according to Ayala, will also increase its voting stake to 20% once the transaction is completed.
The expanded alliance will deepen cooperation in consumer-facing businesses, while the two companies will also pursue opportunities across Ayala’s core real estate and energy businesses, Mitsubishi said.
The deeper partnership comes as Ayala prepares for a potential windfall from the IPO of GCash parent Mynt, which it co-founded and which last week received exchange approval for a listing of up to $1.47 billion, potentially the Philippines’ largest.
Mitsubishi expects the transaction to be completed within fiscal 2026.
Reuters
