MANILA, Philippines — The data arm of PLDT Inc. has infused P320 million to complete its acquisition of a 10 percent stake in the payment channel owned by sister company Manila Electric Co. (Meralco).
Tycoon Manuel V. Pangilinan’s latest brainchild, DigiCo, yesterday announced that it has wrapped up its P320-million deal to land a 10 percent share in Bayad Center through its parent Corporate Information Solutions Inc. (CIS).
DigiCo purchased 56,105 common shares in Bayad for P5,703.59 a piece, with the price based on Bayad’s valuation considering current and future cash flows.
DigiCo completed the investment on July 31 following the satisfaction of closing conditions. The company had to do due diligence, obtain corporate approvals and write the definitive agreements prior to the acquisition.
For DigiCo, the transaction marks the initial step toward its goal of maximizing the data assets of the MVP Group of Companies. The company is owned 60 percent by PLDT, with the remainder shared equally in half by Meralco and Metro Pacific Investments Corp. (MPIC).
In essence, Bayad can bank on DigiCo’s resources to support its expansion by exploring possible synergies and identifying growth areas.
Bayad, a subsidiary of Meralco, is one of the largest platforms for bills payment, handling a portfolio of around 800 outlets and more than 104,000 touchpoints nationwide.
Aside from bills payment, Bayad Centers can process money remittance, load purchase, medical reimbursement, insurance settlement, loan payout, bank withdrawal and airline ticketing.
Recently, DigiCo has announced its entry in digital payments by making big bets on Bayad and Multipay, a unit of Multisys Technologies. DigiCo is taking over the operations of Multipay, and will be tasked to sustain its growth story as a payment gateway.
Multipay is tapped by businesses to process the payments of customers. Multipay has teamed up with financial institutions, including e-wallets, in putting up a web of payment avenues that now serves up to 40 million users worldwide.
Pangilinan, who chairs DigiCo, said the company invested in Bayad and Multipay expecting they would play a critical role in the national push to go digital.
As a company, DigiCo studies the data assets of the MVP Group – PLDT, Meralco and MPIC – to come up with new solutions based on consumer trends.
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