Manila Electric Co. (Meralco) and its wholly owned subsidiary, Corporate Information Solutions Inc. (CIS), are selling their stakes in payment services provider CIS Bayad Center Inc. (Bayad) to Kayana Solutions Inc. for P2.7 billion, tightening Kayana’s control over the business.
Kayana will acquire 504,948 Bayad common shares—476,895 held by CIS and 28,053 owned directly by Meralco. Once the deal closes, Bayad will become an associate of Meralco, with the utility retaining a 27.5 percent indirect stake through Kayana.
The transaction brings Bayad, a major payment collection platform with physical and digital touchpoints, further under the umbrella of Kayana, a digital transformation company backed by PLDT Inc., Meralco and Metro Pacific Investments Corp.
Kayana owns 45 percent of the company, while Meralco and Metro Pacific each hold 27.5 percent.
The acquisition is expected to give Kayana greater scope to integrate Bayad’s payment and collection infrastructure with its data-driven digital capabilities, supporting more transactions and a broader customer base.
The deal also highlights the close corporate ties among the parties. Meralco executives and directors hold positions at CIS and Kayana, creating an interconnected ownership and governance structure around the transaction.
The boards of Kayana and CIS approved the sale on March 25 and April 7, respectively. Meralco’s board approved an amendment to the payment terms on October 6.
Under the revised arrangement, Kayana will make an initial payment when the transaction closes, with the remaining balance due in April 2027. The original terms called for full payment of the P2.7 billion purchase price at closing.
The transaction remains subject to the fulfillment of certain conditions precedent, with the closing date yet to be determined.
