Conglomerate Ayala Corp. said wholly-owned unit AC Education Inc. completed the acquisition of a 96-percent interest in National Teachers College.
Ayala Corp. said in a disclosure to the stock exchange AEI assumed ownership of 96 percent of the outstanding voting shares of NTC for an undisclosed amount.
It said with the completion of the acquisition, NTC would be added to AEI’s portfolio, which includes Apec Schools Inc., the largest chain of stand-alone, private high schools in the country; and Naga City-based University of Nueva Caceres, the oldest and one of the largest private schools in the Bicol region.
It said with the inclusion of NTC, AEI’s combined student population would reach 34,000 students.
“We are very pleased to be part of NTC, given its 90-year heritage, excellent track record and well-known brand in teacher education, its new and fast-growing programs in business and information technology, well-regarded faculty who are steeped in both theory and experience, employees’ unflagging dedication and vibrant school spirit. We are committed to working closely with all of NTC’s stakeholders to fulfill the vision of its founders and continue its growth momentum,” AEI chief executive Alfredo Ayala said during an organizational meeting.
NTC outgoing chairman Rolando de Castro said the school was looking forward to working with AEI in moving NTC closer to becoming a world-class institution.
NTC, located in the University Belt in Manila, was founded in 1928 as the first school in the country to offer General Education leading to a Bachelor of Science in Education.
It has a long track record of commitment to excellence in teaching, growth and inclusion, with about 10,000 students from basic to higher education.
Ayala Corp., through AEI made significant progress in expanding its educational platform through mergers and acquisitions since it started investing in the sector in 2012.
AEI announced in January 2018 that it signed a non-binding term sheet for a potential merger with iPeople Inc., the listed holding company for the education sector of House of Investments Inc.
The potential merger would include iPeople and its significant subsidiary, Malayan Education System Inc., or Mapua University, a leading private engineering and technical university in the country, and its subsidiaries, Malayan Colleges Laguna and Malayan Colleges Mindanao.