The holding company of 2GO Group Inc. secured the approval of the Philippine Competition Commission to buy out a Chinese investor for $275 million.
PCC said in Decision No. 07-M-071 2016 that it cleared the acquisition by Negros Holdings & Management Corp., the parent firm of 2Go Group, of the entire interest of China-ASEAN Cooperatief U.A. in China-Asean Marine B.V.
China-ASEAN Cooperatief is a China fund established to invest in infrastructure, energy and natural resources in Asean member countries.
“In view of recommendation from the Merger and Acquisition Office that on the basis of information obtained from the parties and pertinent public documents the acquisition by Negros Holdings & Management Corp. of share in China-ASEAN Marine B.V. does not result in a substantial lessening of competition in the relevant market,” PCC said.
“The notified transaction will not give rise to any change in the prevailing conditions or competition in any of the affected markets resulting from the transaction as the parties are engaged in the same business activity and the transaction only seeks to formalize the acquiring control on said activity,” it said.
PCC sad it would take no further action with respect to the transaction.
Upon the completion of the transaction, NHMC shall own 100 percent of the shares in CAMBV, which owns 39.88 percent of the voting interest in Nenaco whose subsidiaries include 2Go Group.
NHMC owns 60.29 percent of the voting interest in KGLI-NM Holdings Inc., which in turn owns 59.59 percent of the voting interest in Nenaco.
NHMC said it aimed to increase the ownership percentage of Filipinos in Nenaco, and its subsidiaries and affiliates, which include among others 2GO Group Inc. by acquiring CAMBV.