DoubleDragon Corp. is acquiring the 35 percent stake of Injap Investments Inc. in grocery chain operator MerryMart Consumer Corp. for P1.28 billion, marking a strategic move that aligns with its ongoing transformation into a diversified investment holding company.
The proposal involves 2.65 billion MerryMart common shares at P0.48 per share, a price based on the 30-day volume-weighted average price (VWAP). Following the announcement, MerryMart shares surged by 25 percent and were last traded at P0.60 per share.
Under the terms of the agreement, 50 percent of the transaction value will be settled through DoubleDragon shares—also priced using their 30-day VWAP of P9.30 per share—while the remaining P637.97 million will be paid in cash. The deal effectively values MerryMart at approximately P3.65 billion in equity.
With this acquisition, DoubleDragon will consolidate full control of MerryMart, triggering a mandatory tender offer for the remaining publicly held shares of the grocery chain, in accordance with regulatory requirements and subject to final approvals.
“The acquisition of MerryMart Consumer Corp., which generates over P7 billion in annual recurring revenues from essential retail such as grocery and pharmacy, is expected to complement the ecosystem of DoubleDragon Corp.,” the company said in a disclosure.
DoubleDragon emphasized the long-term strategic value of the transaction, noting MerryMart’s strong presence in regional grocery and pharmacy sectors, particularly in Capiz, Quezon-Luzon, and Zamboanga-Mindanao. The deal is expected to enhance synergies across DoubleDragon’s portfolio, which now spans real estate, retail, healthcare, and wholesale formats.
The acquisition also supports DoubleDragon’s broader strategic shift. In April 2021, the company changed its name from DoubleDragon Properties Corp. and amended its corporate charter to operate as an investment holding firm. This transaction brings it closer to its 2035 goal of reaching P500 billion in total revenues.
