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Friday, March 29, 2024

Yuchengco, Ayala education merger pushed

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The planned merger of the education businesses of Ayala and Yuchengco groups has been firmed up following the approvals of their respective companies.

Ayala Corp. said in a disclosure to the stock exchange its executive committee approved the merger of unit AC Education Inc. with iPeople Inc., the education subsidiary of Yuchengco-led House of Investments Inc. 

Listed iPeople will be the surviving entity under the terms and conditions of the merger.

The merger, which will be completed as a statutory merger under Philippine laws, will be subject to the approval of the respective boards and stockholders of AC Education and iPeople, other regulatory clearances.

House of Investments in a separate disclosure to the stock exchange said its board approved the execution of an agreement in connection with the planned merger of iPeople and AC Education.

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Bith companies in January entered into a non-binding term sheet over the potential merger of AC Education and iPeople, which have a combined population of over 40,000 students.

Ayala Corp. and House of Investments agreed to an exclusivity period to complete due diligence and finalize the terms and conditions of the proposed merger of their education businesses.

iPeople controls Malayan Education System Inc., which is operating under Mapua University, a leading private engineering and technical university in the country. Mapua has two subsidiaries, Malayan Colleges Laguna and Malayan Colleges Mindanao.

iPeople’s other unit is Pan Pacific Computer Center Inc., which serves the information technology-related requirements of the Yuchengco Group and selected clients.

AC Education owns University of Nueva Caceres, one of the oldest and largest universities in the Bicol region, and APEC Schools, the largest stand-alone chain of private high schools in the country, and National Teachers College. 

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