Ayala Corporation Acquires Stakes in iPeople, Inc. for P351 Million

As approved by the Executive Committee of its Board of Directors, Ayala Corporation (AC) executed with A. Soriano Corporation (Anscor) a Share Purchase Agreement for AC’s purchase of additional 29.2 million shares in iPeople, subject to satisfaction of conditions precedent.

​Post-closing, AC’s stake in iPeople will be 36.3%.

Value realization by Anscor and increase in stake by AC. No material impact to the Issuer (iPeople).

After all conditions precedent have been satisfied including regulatory approval, the special block sale of the iPeople shares will be carried out through the Philippine Stock Exchange.

The terms and conditions of the transaction:

Number of shares to be acquired or disposed: 29,239,370
Percentage to the total outstanding shares of the company subject of the transaction: 2.8%
Price per share: P12.00
 
Cash settlement through crossing broker of ~P351 Million (before taxes and friction costs) for the common shares.
 
iPeople is a holding company under House of Investments, Inc. of the Yuchengco Group of Companies and AC, with a focus on investments in the education sector.
 
A. Soriano Corporation (Anscor) is a holding company with diverse investments. Core operating investments include Phelps Dodge Philippines Energy Products Corporation (cable and wire manufacturing) and Seven Seas Resorts and Leisure, Inc. (owner of the famous Amanpulo Resort). Anscor has a number of other investments in companies engaged in a wide range of activities in the Philippines such as aviation and real estate. Likewise, the Company has investments in equities traded in the Philippine Stock Exchange, private equity funds, foreign currency denominated bonds and offshore hedge funds.
 
Ayala Corporation (AC) was founded in 1834, incorporated on January 23, 1968, and was listed on the Philippine Stock Exchange in 1976.

AC is the holding company of the Ayala Group of Companies, with principal business interests in real estate and hotels; financial services and insurance; telecommunications; water; industrial technologies; power; and automotive, outsourcing, and others.