Conglomerate Ayala Corp. continues to divest from the business process outsourcing sector as it focuses on expanding its investment in the education sector.
Ayala Corp. said in a disclosure to the stock exchange wholly-owned unit LiveIt Investments Ltd. sold its entire 58.71-percent stake in Integreon Inc., a leading global provider of legal support, research and business services to law firms, financial institutions and corporations.
LiveIt’s divestment from Integreon was made through a business combination transaction with Anchorage Merger Sub Ltd., owned by IGL Services Ltd.
IGL Services Ltd. is a wholly-owned subsidiary of certain private equity funds managed by NewQuest Capital Partners, Asia’s leading secondaries private equity platform.
LiveIt exercised its right to exchange all its shares of stock in Integreon for consideration.
LiveIt’s other BPO investments, both HRMall and AffinityX, are being retained.
HRMall provides strategic value for Ayala Group’s HR requirements while AffinityX is a global leader in advertising and marketing production services. Ayala said both continued to achieve meaningful growth and profitability.
It said in the case of AffinityX, a bolt-on acquisition in the digital space would be considered to accelerate growth and deepen capabilities.
LiveIt also sold its stake in business process outsourcing firm IQ BackOffice Holdings Ltd. in August.
Ayala Corp. said in a disclosure to the stock exchange wholly-owned unit LiveIt Investments Ltd. sold its entire 82.5-percent stake in IQ BackOffice through a management buyout.
After the transaction the management of IQ BackOffice will own 100 percent of the firm.
Ayala Corp. has been selling its BPO assets is it plans to focus on power generation, infrastructure, education and manufacturing as well as its core businesses of real estate, banking, telecommunications and water utility.