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Friday, March 29, 2024

Globe Telecom acquires majority stake in EC Pay

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Globe Telecom Inc. on Friday said it is acquiring a majority interest in Electronic Commerce Payment Inc. for P1.54 billion. 

The telecommunications firm owned by Ayala Corp. said its board approved the acquisition of a 77-percent equity interest in EC Pay equivalent to 49.28 million shares for P1.54 billion. 

ECPay engaged in the provision of information technology and electronic commerce related solutions, and operates a multi-tiered platform that offers secure electronic solutions for various transactions such as load purchases. 

“Integrating ECPay into Globe’s network of retailers will add value to our distribution channels, enabling them to offer a suite of products and services via a single platform,” said Globe president and chief executive Ernest Cu. 

The ECPay platform will enable small business owners to offer more products and services, which in turn will stimulate the e-commerce industry and the digital economy. It will also future-proof Globe’s distribution network, bringing the company a step closer to its vision of a digitally-enabled Philippines. 

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BPI Capital acted as the exclusive financial adviser to Globe Telecom.

Globe in September re-acquired 51 percent of Yondu Inc. from Surpass Inc. for P501 million. Xurpas prior to the transaction held 51 percent of the shares in Yondu, while Globe owned 49 percent.

Yondu was a leading content developer and provider of mobile value-added services and information technology services back in 2015 when it was acquired by Xurpas.

It has since then evolved to become a top IT solutions company in the Philippines, expanding its product portfolio to provide managed services software development and turkey solutions.

The transaction is consistent with Globe’s strategy of developing its ICT capabilities responsive to the changing needs of its customers.

Yondu’s strong IT core competencies combined with Globe’s digital expertise will strengthen the value proposition of products and services catered to enterprise clients.

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