Ayala Corp. and Mitsubishi Corp. finalized their Php18.4 billion deal that sells half of the Zobel’s shares of GCash to the Japanese company.
The announcement was made by Ayala in a stock exchange filing today. It is said that they have already signed an investment agreement with Mitsubishi for the latter to subscribe to 18 million common and redeemable preferred shares of AC Ventures Holding Corp.
AC Ventures has a 13 percent stake in Mynt, owner G-Xchange Inc., the operator of GCash and Fuse Lending.
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With the transaction, Ayala and Mitsubishi will have a 50/50 ownership in AC Ventures, giving the Japanese company a 6.5% indirect ownership of the GCash operator.
The Ayalas believe that Mitsubishi’s substantial investment will help Mynt to expand GCash’s services overseas.