DigiCo, a digital company owned by the MVP Group, on Thursday announced the acquisition of a 10 percent stake in Bayan Center Inc. for P320 million.
DigiCo, formerly known as Limitless Growth Ventures Inc., acquired 56,105 common shares of Bayad from Corporate Information Solutions, Inc. for P5,703.59 a share.
CIS is a company controlled by the Manila Electric Co. (Meralco).
“The purchase price is based on Bayad’s business valuation using financial projections and future cash flows at 10 percent of its total issued and outstanding capital stock,” PLDT said.
DigiCo’s acquisition of Bayad will enable DigiCo to leverage its expertise and resources to support Bayad’s growth while exploring and unlocking synergies in the companies led by Manuel V. Pangilinan such as PLDT Inc., Meralco, and Metro Pacific Investments Corporation.
DigiCo is 60 percent-owned by PLDT, 20 percent by Meralco, and another 20 percent by MPIC.
The acquisition makes available an additional payment gateway for the use of DigiCo, a PLDT subsidiary.
DigiCo earlier executed an agreement to acquire 100 percent of Multipay, a wholly-owned subsidiary of Multisys Technologies Corporation whose strong ties with various billers and digital payment channels is expected to complement and add value to an integrated payment platform’s capabilities.
Multipay’s acquisition will be completed once all closing conditions are obtained.
