Japanese trading giant Mitsubishi Corporation is deepening its half-century relationship with Ayala Corporation, committing about ¥120 billion in fresh investment that is expected to raise its voting interest in the Philippine conglomerate to 20 percent.

Mitsubishi said Monday it signed a definitive agreement to acquire additional Ayala shares as the two companies expand their partnership beyond existing ventures and target opportunities across financial services, telecommunications, retail, real estate and energy.

The acquisition will take place following Ayala’s repurchase of its own shares through a tender offer and other means.

The transaction is targeted for completion within Mitsubishi’s fiscal year 2026, subject to regulatory approvals and applicable tender offer requirements.

Once completed, Mitsubishi’s voting interest in Ayala is expected to reach 20 percent, giving the Japanese company a significantly larger position in one of the Philippines’ oldest and most diversified conglomerates.

The investment marks the latest expansion of a relationship that stretches back more than five decades. Mitsubishi and Ayala first partnered in 1974 and have since worked together in businesses ranging from industrial estates and renewable energy to water and automotive ventures.

Their relationship entered a new phase in 2024 when the companies agreed to pursue broader collaboration in the Philippines, including an investment tied to Globe Fintech Innovations Inc., or Mynt, the parent company of GCash.

Mitsubishi subsequently invested in a joint venture with Ayala that owns a stake in Mynt, giving the Japanese group indirect exposure to the country’s rapidly expanding digital finance market.

Under that arrangement, Mitsubishi invested in what is now AM50 Ventures Inc., a 50:50 joint venture with Ayala that holds approximately 13 percent of Mynt, giving each partner an indirect economic interest of about 6.6 percent in the GCash parent.

The GCash investment provided Mitsubishi with an entry point into Ayala’s consumer-facing digital ecosystem. The latest deal takes the relationship further by increasing Mitsubishi’s direct interest in Ayala itself.

Mitsubishi said the expanded alliance would focus particularly on what it calls “C2B,” or consumer-to-business, ventures. The Japanese company uses the term instead of the conventional business-to-consumer model to emphasize developing products and services around consumer demand.

Financial services, telecommunications and retail are expected to be among the areas of greater cooperation, while Mitsubishi and Ayala also plan to explore opportunities in the conglomerate’s established real estate and energy businesses.

The Japanese company said Ayala’s domestic business network could be paired with Mitsubishi’s global reach and expertise across industries to develop new ventures in the Philippines.

Ayala, founded in 1834, has major interests across banking, property, telecommunications and renewable energy through businesses that include Bank of the Philippine Islands, Ayala Land, Globe Telecom and ACEN. It has also expanded into healthcare, mobility, logistics, fintech and technology investments.

The fresh commitment comes two years after Mitsubishi and Ayala moved closer through GCash. Ayala and Mitsubishi agreed in October 2024 to form the joint venture. They signed the definitive investment agreement in March 2025, and Mitsubishi completed its approximately P19-billion investment in July 2025, leaving both companies with equal stakes in what is now AM50 Ventures.

At the time, Ayala said the partnership could tap Mitsubishi’s international network to support Mynt’s growth and explore opportunities in digital and consumer businesses.

Mynt remains one of Ayala’s major fintech investments.