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 market report 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 preferred shares in ACV and cover related costs. 

PCC, SEC okays needed

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.

Japan’s MUFG Bank Ltd. also invested $393 million for an 8 percent stake, valuing GCash at $5 billion — more than double its $2 billion valuation from 2021. Mynt reported a net income of P6.7 billion last year.