Mitsubishi Corporation is set to boost its economic ownership in Philippine conglomerate Ayala Corporation from 4.7% to 15% and its voting interest to 20% through a P44.5 billion ($709.5 million) deal. This transaction, priced at P650 per common share, will involve a combination of primary and secondary shares and includes a voluntary tender offer for up to approximately 30 million common shares on behalf of Mitsubishi. Ayala expects to receive around P20 billion in proceeds from the deal, which will be allocated towards debt reduction, funding its share purchase program for its own shares and those of its listed subsidiaries, and supporting future growth initiatives. This P20 billion is roughly equivalent to Ayala’s parent-level cash balance and about 14% of its net debt as of the end of June.
The investment reinforces Mitsubishi's position as a long-term strategic shareholder in Ayala and marks a new chapter in their long-standing relationship, which spans over five decades. The two groups intend to deepen collaboration across various sectors critical to the Philippines' development, including infrastructure, energy transition, real estate, digital technologies, mobility, and logistics. Ayala Chairman Jaime Augusto Zobel de Ayala stated that the transaction reflects a deep alignment in values and a commitment to responsible business stewardship.
While the deal significantly enhances Mitsubishi's influence, it will not displace the Zobel family's control of Ayala. Mermac, Inc., the Zobel family's holding company, held 47.84% of Ayala's common shares and 57.79% of all voting shares as of the end of 2025. Ayala also plans to expand its board from seven to nine directors, subject to approvals, though the occupants of the new seats have not been disclosed. This expanded alliance builds on their earlier collaboration, such as Mitsubishi's indirect stake in Mynt, the parent company of GCash, which commenced through a joint venture in 2024.
