Meralco sells Bayad stake for P2.7 billion in fintech pullback
BAYAD, a provider of payment collection services offering a suite of financial products across physical and digital channels, is currently 85 percent owned by CIS, 10 percent by Kayana, and 5 percent by Meralco with 5 percent.
PHOTOGRAPH courtesy of bayad
Manila Electric Co. (Meralco) is set to raise P2.7 billion by selling its stake in the payment platform Bayad following a strategic pullback from direct exposure to the fintech space and a shift toward consolidating the business under Kayana Solutions Inc.
In a more detailed disclosure on Tuesday, Meralco said it, along with its wholly-owned subsidiary, Corporate Information Solutions Inc. (CIS), agreed to sell a combined 504,948 common shares, equivalent to 90 percent of Bayad, at P5,347.08 per share to Kayana.
Under the agreement, Kayana will acquire 476,895 shares from CIS and 28,053 shares from Meralco, effectively taking full control of the platform.
The total transaction value was determined using a discounted cash flow valuation and will be paid in full upon closing.
The deal, approved by Meralco’s board on 26 January, as well as by Kayana on 25 March and CIS on 7 April, remains subject to regulatory clearances and other conditions precedent, with the closing date yet to be finalized.