<article><a style="color: #000080" href="https://www.dealstreetasia.com/?s=GA+Inc" target="_blank" rel="noopener noreferrer">Gregorio Araneta Inc (GA Inc)</a>, a private holding firm in the Philippines, has completed its acquisition of a majority stake in local listed online gaming operator <a style="color: #000080" href="https://www.dealstreetasia.com/?s=Philwebhttps://www.dealstreetasia.com/?s=Philweb" target="_blank" rel="noopener noreferrer">Philweb</a> for a consideration of $40.5 million.</article>

<a style="color: #000080" href="https://www.dealstreetasia.com/?s=GA+Inc" target="_blank" rel="noopener noreferrer">Gregorio Araneta Inc (GA Inc)</a>, a private holding firm in the Philippines, has completed its acquisition of a majority stake in local listed online gaming operator <a style="color: #000080" href="https://www.dealstreetasia.com/?s=Philwebhttps://www.dealstreetasia.com/?s=Philweb" target="_blank" rel="noopener noreferrer">Philweb</a> for a consideration of $40.5 million.
Philweb earlier informed the Philippine Stock Exchange that its former chairman and director Roberto Ongpin sold 118.5 million shares of Philweb to GA Inc priced at P2.60 apiece, marking the second and final tranche of the sale of his full holdings in the online casino business.
The transaction was made following the sale on the first tranche of 653,151,896 Philweb shares that were crossed on May 22, 2017.
All 771,651,896 Philweb shares now owned by GA Inc represent 53.75 per cent of the total issued and outstanding shares of PhilWeb.
Founded in 1931, GA Inc was established to manage the business interests of renowned lawyer Don Gregorio Araneta. The company is now headed by the founder&#8217;s grandson and namesake, Gregorio Araneta III.
GA Inc is engaged in real estate, transportation, telecommunication, security and protection services, environmental protection and other businesses.
Among its modern projects is the largest solar energy farm in the Philippines, a 132.5 MW facility in Cadiz, Negros Occidental, which is a joint venture with the solar energy firm Soleq.
The two transactions selling Ongpin’s shares to GA Inc also concluded the exit of Ongpin from Philweb, a process that started last August 4, 2016 when he resigned as chairman, and negotiated a sale of his entire shareholdings in the company to Araneta.
A software provider to <a style="color: #000080" href="https://www.dealstreetasia.com/?s=Pagcor" target="_blank" rel="noopener noreferrer">PAGCOR (Philippine Amusement and Gaming Corp)</a> for its network of e-Games outlets, Philweb experienced a financial crisis beginning Ongpin&#8217;s resignation last year.
Philweb&#8217;s shares plunged from P8.95 to P5.23 or 36.88 per cent when Ongpin resigned, a decision which he said he did &#8220;to save the company&#8221; as he was accused by newly-elected Philippine president Rodrigo Duterte as among the oligarchs in the government.
Ongpin feared that if he stayed on, PhilWeb&#8217;s e-Games outlets could be shut down, which would lead to the loss of its business and eventual closure, affecting more than 5,000 employees, a disclosure made by PhilWeb president Dennis Valdes to PSE last August 7.
Araneta earlier invited Philweb&#8217;s board of directors to rebuild PhilWeb’s revenues by renewing efforts in gaming services and increasing focus into other areas in gaming.
Also Read:
<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/philippines-bloomberrys-solaire-sells-96-gl-shares-102-5m-45315/" target="_blank" rel="noopener noreferrer">Philippines: Bloomberry’s Solaire sells 96% of G&amp;L shares for $102.5m</a>
<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/philippines-discovery-world-acquires-holding-firms-cay-islands-sonoran-4-6m-25711/" target="_blank" rel="noopener noreferrer">Philippines: Discovery World acquires holding firms Cay Islands, Sonoran for $4.6m</a>
<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/philippines-gaming-tech-firm-philweb-aims-to-raise-128-5m-via-private-placement-42832/" target="_blank" rel="noopener noreferrer">Philippines: Internet gaming firm PhilWeb eyes $128.5m via private placement</a>
<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/boxing-champ-manny-pacquiao-buys-5-stake-in-singapore-mobile-gaming-startup-gtoken-43265/" target="_blank" rel="noopener noreferrer">Philippine boxing icon Manny ‘Pacman’ invests in Singapore startup Gtoken</a>

Philippines: Araneta completes majority stake acquisition in Philweb for $40.5m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Philippines: Araneta completes majority stake acquisition in Philweb for $40.5m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief