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.