Conglomerate Ayala Corp. said Monday unit AC Industrial Technology Holdings Inc. is acquiring 94.9 percent of German automotive supplier MT Misslbeck Technologies GmbH for 26.8 million euros or P1.5 billion.
Ayala said in a disclosure to the stock exchange it completed a share purchase and transfer agreement with MT in a transaction valued at 26.8 million euros.
“This investment forms part of AC Industrials’ strategy to increase its competence and capabilities in the automotive value chain and will complement AC Industrials’ existing businesses in manufacturing services and vehicle distribution and dealerships,” Ayala said.
The closing of the transaction is subject to completion conditions and regulatory approval.
MT is a supplier of models, tools and plastic parts to automotive original equipment manufacturers and automobile tier 1 suppliers.
The company, which traces its roots to a workshop established in 1869, has production plants in Ingolstadt, Germany. MT designs and creates models of entire cars or parts of a car, develops, designs and manufactures injection moulds for metal and plastic car parts and produces automotive plastic parts for prototyping and serial production.
AC Industrials, formed last year, actively pursued investments as a part of its strategy to assemble a portfolio of businesses that develop, enable, manufacture and commercialize automotive and other industrial technologies.
AC Industrials signed a partnership agreement with Austrian motorcycle manufacturer KTM AG in April 2016 for the production and distribution of motorcycles in the Philippines.
AC Industrials, through Integrated Micro-Electronics Inc. also acquired a 76-percent stake in VIA Optronics, a German-based display solutions provider last year.
IMI completed the acquisition of an 80 percent stake in STI Enterprises Limited, an electronics design and manufacturing solutions company based in the United Kingdom in May this year.
AC Industrials currently holds the conglomerate’s interests in automotive distributorship which include a 13-percent stake in Honda Cars Philippines Inc., a 15-percent stake in Isuzu Philippines Corp., a 100-percent stake in Honda Cars Makati Inc., a 100-percent stake in Isuzu Automotive Dealers Inc., a 100-percent stake in Automobile Central Enterprise Inc. and a 100-percent interest in Adventure Cycle Philippines Inc.