Ayala Corp. strikes mega deal with Mitsubishi — GCash could get a boost

Manila: Big moves are happening in the local corporate world.

Ayala Corp. has just inked a deal to sell 50 per cent of its stake in AC Ventures Holding Corp. (ACV) to Japan’s Mitsubishi Corp. for ₱18.4 billion ($322 million) — a transaction that could send GCash’s valuation soaring ahead of its highly-anticipated public listing.

Investment signed

The investment agreement was sealed on March 31, 2025, as revealed in Ayala Corp.’s latest regulatory filing.

Under the deal, Mitsubishi will scoop up 18.03 million common and redeemable preferred shares of ACV. Once the dust settles, Ayala Corp. and Mitsubishi will each hold an equal 50 per cent stake in ACV.

Fintech industry watchers expect the deal with give a major power-up for GCash’s future.

Investment in Mynt

ACV owns a 13 per cent stake in Globe Fintech Innovations, Inc. (Mynt), which operates fintech platforms G-Xchange Inc. (GCash) and Fuse Lending, a tech-driven microlender.

Ayala Corp., with a market cap of ₱368.55 billion ($6.45 billion), stated that the investment remains subject to regulatory approvals, including clearance from the Securities and Exchange Commission (SEC) and the Philippine Competition Commission (PCC).

“ACV shall use the subscription proceeds to redeem Ayala Corp.’s redeemable preferred shares in ACV and cover related costs,” the company stated.

Ayala Corp. previously noted that Mitsubishi’s involvement could support Mynt’s international expansion and enhance capabilities in cloud-based payments and credit algorithms.

“We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users," said Ayala Corp. President and CEO Cezar P. Consing.

GCash prepares for IPO

Consing reaffirmed their resolve to better serve Filipinos who depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many end-users as possible.

The deal comes as GCash prepares for an initial public offering (IPO) later this year, with reports suggesting the company is aiming for a valuation of at least $8 billion.

Performance

For 2024, Ayala Corp.’s core net income grew 10 per cent to a record ₱45 billion ($788 million), driven by strong performance across its banking, real estate, telecommunications, and renewable energy businesses.

The company has allocated ₱230 billion ($4.03 billion) for capital expenditures in 2025 to support expansion efforts.

Maybank forecasts a "good year" for Ayala Corp. with strong potential for significant growth in BYD sales in 2025. 

BYD continues to build its dealership network across the Philippines, with 25 operational dealerships by end-2024 and 52 more planned in 2025.

Ayala Corp's earnings are projected to rise by 11.4 percent in 2025, the Maybank report stated.