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Manila Bulletin devider Business devider The Stock Market devider Ayala sets final price for GCash stake at P22.4 billion

Ayala sets final price for GCash stake at P22.4 billion

Published Aug 20, 2024 05:46 am

Zobel-led Ayala Corporation disclosed that it is paying P22.4 billion for the acquisition of an additional eight percent of Globe Fintech Innovations, Inc. (Mynt), the operator of the GCash platform, from existing shareholders.

In a disclosure to the Philippine Stock Exchange providing final details of the transaction, Ayala said the additional Mynt shares will be bought through AC Ventures Holding Corp (ACV) to increase its ownership stake in Mynt to 13 percent.

ACV has signed a definitive agreement to acquire 157.62 million Mynt common shares from existing shareholders at P141.836 per share compared to the previous indicated price of P22.9 billion or P145.372 per share. This transaction values Mynt at approximately P286.4 billion ($5 billion).

Ayala said its strategic priority is to rationalize its portfolio and reallocate capital to clear business winners. The increased stake in Mynt allows AC to further benefit from GCash’s success and strong long-term growth potential.

Mynt is the first and only $5 billion unicorn in the Philippines. It is a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.

The firm operates two fintech companies: GXI, the mobile wallet operator of GCash — the top Finance Super App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.

Ayala said it is also in discussions with a strategic investor which has expressed interest in acquiring a portion of its ownership stake in Mynt subject to completing due diligence and receiving its approvals.

In a previous disclosure, Ayala said Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group and one of the largest financial institutions globally, was also acquiring an eight percent stake in Mynt through its consolidated subsidiary MUFG Bank, Ltd.

“We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved,” said Mynt President and CEO Martha Sazon.

She added that, “Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development, and its expertise in multiple industries will accelerate GCash’s mission.”

“GCash is an indispensable infrastructure for everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company.” said Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG.

He noted that, “With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”

"We like the long-term growth prospects of Mynt. It is a clear leader in a fast growing space and a key contributor to the Philippines’ economic growth. Mynt is valuable because it enables underserved Filipino consumer & business segments to thrive," said Ayala President and CEO Cezar Consing.

Related Tags

GCash Globe Fintech Innovations Inc. (Mynt) Ayala Corporation
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