Market summary
The Philippine market recorded a balanced mix of M&A and fundraising activities, demonstrating robust market activity across the financial services/fintech, healthcare, renewable energy, retail, and real estate industries.
Notable deals in the renewable energy, financial services/fintech, and healthcare sectors include Alternergy’s acquisition of Shell’s 40% stake in the Tablas Strait Offshore Wind Power Corporation, Metro Pacific Health Corp.’s acquisition of General Trias Doctors Medical Center and Noneaway Philippines Technology’s USD1.1m seed funding round.
Additionally, Security Bank’s USD187.7m announced acquisition of a 25% stake in HC Consumer Finance and TCL Zhonghuan’s planned acquisition of SunPower Philippines reinforce the growth trajectory in financial services and renewable energy.
*Aggregate Deal Values = c. USD294.2m
This month’s top deals
Consumer & Retail
Anscor to acquire minority stake in resto operator The Bistro Group for PHP1.6 billion
A. Soriano Corp. (Anscor) is expanding its investment portfolio after acquiring a minority stake in premium casual restaurant operator The Bistro Group for PHP1.61 billionn. On November 13, Anscor signed a deed of sale with private equity company Navegar I (Singapore) Pte. Ltd.
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Anscor to acquire minority stake in resto operator The Bistro Group for P1.61 billion
Puregold acquires Puremart stores
Puregold is purchasing Puremart stores, including its leasehold improvements, furniture, fixtures, equipment, and merchandise inventory with up to PHP567.5 million book value from Tower 6789 Corp, which consists of at least 120 to 130 stores located across Metro Manila, CAMANAVA, Rizal, Bulacan, and South Luzon.
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Puregold acquires Puremart stores
Energy & Utilities
Alternergy fully acquires Tablas wind projects
Alternergy Holdings Corporation has acquired Shell Overseas Investment B.V.'s 40% stake in Tablas Strait Offshore Wind Power Corporation (TSOWPC), thereby gaining full ownership of the Tablas Strait 1, 2, and 3 offshore wind projects.
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Alternergy fully acquires Tablas wind projects
TCL Zhonghuan Signs Term Sheet with Maxeon for Major Acquisition
On November 26, TCL Zhonghuan announced that it signed a term sheet with Maxeon Solar Technologies, Ltd. According to the announcement, TCL Zhonghuan intends to purchase 100% of the equity in SunPower Philippines Manufacturing Ltd., to improve collaborative management capabilities, and drive TCL's global business development.
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TCL Zhonghuan Signs Term Sheet with Maxeon for Major Acquisition
Healthcare & Life Science
Pangilinan-led MPH acquires 27th hospital
Manuel V. Pangilinan-led Metro Pacific Health Corp. (MPH) has invested in City of General Trias Doctors Medical Center Inc. (Gentri), expanding its network of private hospitals to 27. This latest acquisition brings MPH's hospital capacity to around 4,400 beds, 11,000 doctors, and 16,000 healthcare staff capable of caring for 4.1 million patients a year, according to the company.
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MOHS acquires major pharma company
On November 20, 2024, MOHS Analytics acquired Remed Pharmaceuticals with over 20 brands in its portfolio and whose products cover four different pharmaceutical categories - Vitacare, Respicare, Pediacare and Gastrocare. The acquisitions are in line with MOHS’s 5-year roadmap to grow into one of the major fully integrated health and wellness companies in the Philippines.
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MOHS acquires major pharma company
Real Estate
New investor joins IDC with PHP187.9 million deal
Italpinas Development Corp. (IDC) has secured a new investor via a private placement deal by signing an agreement with businessman Benjamin Tan Co, who purchased 15% of the company’s primary shares at PHP1.99 each, totaling PHP187.93 million.
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New investor joins IDC with PHP187.93 million deal
Technology
PH proptech startup NoneAway raises USD1.1 million
Noneaway Philippines Technology, Inc., a Philippine-based startup that offers an (AI)-powered platform designed to make property buying, selling, and renting safer, smarter and simpler in the Philippines announced that PHP59 million was secured in a seed funding round on November 14, 2024. The transaction included participation from new investors, Wavemaker Partners, LLC, Vulpes Investment Management Private Limited, Forge Ventures, Kaya Founders and individual investors, Jani Rautiainen, and ER Rollan.
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Wavemaker’s venture secures USD0.5 million to boost bamboo processing
Numat, a venture by Wavemaker Impact, recently secured USD0.5 million in funding to improve bamboo processing. Numat, based in the Philippines, focuses on converting raw bamboo into sustainable products, starting with a robust processing framework.
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Wavemaker’s venture secures USD0.5 million to boost bamboo processing
MVP Group's Kayana will acquire an additional 57% Equity Interest in CIS Bayad Center
The Board of Directors of PLDT Inc. (PLDT) approved the funding for PLDT’s pro rata interest in Kayana in connection with an increase in Kayana’s investment in Bayad, which will result in Kayana acquiring an additional 57% of Bayad’s outstanding capital stock for PHP2.9 billion, subject to the completion of due diligence review, procurement of internal corporate and regulatory approvals, and execution of definitive agreements.
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MVP Group's Kayana will acquire an additional 57% equity interest in CIS Bayad Center
Financial services
Security Bank to acquire MUFG’s 25% stake in Home Credit Philippines
Security Bank has announced that it has entered into an agreement to acquire a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines. Through the agreement, Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for PHP11 billion. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.
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Security Bank to acquire MUFG’s 25% stake in Home Credit Philippines
Others
Phinma raises PHP1.0 billion from SRO
Phinma Corp., the diversified conglomerate of the Del Rosario Group, will pursue its expansion initiatives after raising PHP1 billion from its successful stock rights offering. From November 13 to 19, the company sold 50 million shares for PHP20 each. The shares were listed at the Philippine Stock Exchange on November 27. The amount raised is expected to support the company’s investment and expansion opportunities. The expected completion of the transaction is in the first quarter of 2025.
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Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.
*USD 1.00 = PHP58.6020 as of 02/12/2024
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