Aboitiz, PetNet ink $22.5m equity acquisition deal in PH

From the website of Aboitiz

Philippine-based holding firm
Aboitiz Equity Ventures Inc earlier disclosed that it acquired a 51 per cent equity interest in PetNet Inc, the largest Western Union agent network in the country.

Aboitiz paid $22.5 million (P1.03 billion) in the transaction, acquiring a total of 2,461,338 of PetNet’s shares priced at P407.78 apiece.

The holding company expressed confidence on PetNet’s large growth and development potential with the continued increase in remittances from OFWs or overseas Filipino workers, and with a large opportunity to distribute complementary products through an extensive network of outlets.

“We believe this acquisition will be of benefit to the shareholders of both AEV and PetNet by increasing the scale of the PetNet operation in order to take a larger share of the market in this sector,” Aboitiz told the stock exchange.

Aboitiz cited the transaction shall be finalized upon submission of closing documents, including the prior written consent of Western Union to the transaction, which has been received by the parties.

It further disclosed that out of the 2,461,338 shares to be acquired by Aboitiz, a total of 1,235,186 shares (equivalent to 25.6 per cent) will be acquired from existing PetNet shareholders, while the remaining 1,226,152 shares (equivalent to 25.4 per cent) will be subscribed from the unissued capital stock of PetNet.

The holding company’s last trading price went down by 2.18 per cent or P1.25 to close at P56.10.

Also read:

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PH partners Aboitiz-JV Angeles seal $223m water supply project

PH roundup: BDO, Aboitiz, East West Bank

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.