House of Investments Inc. the Yuchengco Group and conglomerate Ayala Corp. have completed the merger of their education units.
HI and AC said in a joint statement the merger of HI’s education holding firm iPeople and AC’s wholly-owned education subsidiary AC Education Inc. obtained board, stockholder and regulatory approvals. The merger became effective May 2.
Listed iPeople will be the surviving entity, with HI and its affiliates and AC controlling 51.3 percent and 33.5 percent, respectively.
The transaction values the combined entity at approximately P5.5 billion.
“We are delighted to complete this merger and are looking forward to building on Mapua’s expertise as one of the top STEM (Science, Technology, Engineering and Mathematics) schools in the country, and AC Education’s track record in delivering affordable career-focused courses in partnership with industry,” said HI and Yuchengco Group of Companies chairperson Helen Dee.
“House of Investments and Ayala Corporation both believe that quality education is critical to accelerating the progress of our country and believe that this merger will enable us to together step up our participation in this very important sector,” Dee added.
HI and AC will share governance and management of iPeople which, as a result of the strategic partnership, will become one of the leading education groups in the country with almost 60,000 students. Jenniffer B. Austria
The merger brings together the seven educational institutions of iPeople and AC Education, which together will offer quality education to students across all income segments, with campuses in Metro Manila, Calabarzon, the Bicol Region and Mindanao.
he merger includes iPeople and unit Malayan Education System Inc. operating under the name of Mapua University, one of the country’s leading engineering and technical universities.