Conglomerate Ayala Corp. is increasing its stake in listed education firm iPeople Inc. by acquiring shares worth P351 million from A. Soriano Corp. (Anscor).
Ayala said in a disclosure to the stock exchange Tuesday it acquired 29.239 million shares in iPeople owned by Anscor at P12 apiece, representing a 98-percent premium over the stock’s closing price of P6.05 Tuesday. iPeople is a holding company under House of Investments Inc. of the Yuchengco Group of Companies and Ayala Corp., with investments in the education sector.
The acquisition of 29.239 million shares, equivalent to 2.8 percent of iPeople’s outstanding common shares, boosted Ayala’s stake in the company to 36.3 percent. Anscor’s stake in iPeople went down to 6.13 percent.
The deal is subject to the Philippine Competition Commission’s approval.
In 2019, iPeople merged with AC Education Inc., the wholly-owned education arm of Ayala Corp., with iPeople emerging as the surviving entity.
As a result, iPeople acquired three operating subsidiaries: National Teachers College, University of Nueva Caceres and Affordable Private Education Center Inc., which is doing business under the name of APEC Schools. iPeople also owns and operates Mapúa University, Malayan Colleges Laguna, Malayan Colleges Mindanao and the Malayan High School of Science.
Meanwhile, the Ayala Group said it teamed up with the Department of Education and Khan Academy to boost the key competencies of students in the country.
“DepEd is proud and grateful to stand shoulder to shoulder with these education partners. We can solve perennial challenges in education by drawing from the expertise of partners like Ayala Group and the cutting-edge vision of enterprises of the future like Khan Academy,” said Department of Education Secretary Juan Edgardo Angara.
“This partnership is a testament to our collective vision of transforming education in the Philippines,” said Geraldine Acuña-Sunshine, president and chief executive of Khan Academy Philippines.
“By joining forces with the Ayala Group alongside the Department of Education, we are paving the way for innovative and inclusive learning solutions that empower Filipino students and educators alike,” she said.