The Ayala and Yuchengco groups have firmed up a deal to consolidate their education businesses into one publicly listed vehicle: iPeople Inc.
Yuchengco-led iPeople—which trades on the local stock exchange under the ticker “IPO”—went on voluntary trading suspension on Monday “to ensure that the investing public would have equal access to the information to be disclosed.”
For its part, conglomerate Ayala Corp. disclosed on Monday that its board had approved the merger of AC Education with iPeople, the education subsidiary of Yuchengco-led House of Investments. Based on the disclosure, iPeople will be the surviving entity of this merger.
This transaction will bring under one roof key institutions like leading high school chain operator APEC Schools and esteemed engineering university Mapua University, creating a powerhouse in the education space.
Based on an earlier estimate, the combined school network will have a student population of over 60,000.
The transaction will include iPeople and its subsidiary, Malayan Education System Inc., which operates under the name Mapua University. Also expected to be included in the merger are Malayan Education’s subsidiaries, Malayan Colleges Laguna, cited as the best board exam-performing private school in the Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon) area, and Malayan Colleges Mindanao.
Meanwhile, Ayala brings to the table AC Education Inc. (AEI) and its subsidiaries University of Nueva Caceres, one of the oldest and largest universities in Bicol, aside from APEC Schools, the largest stand-alone chain of private high schools in the country.
iPeople is expected to submit a comprehensive disclosure on the merger plan today as trading of its shares resumes on the stock market. —DORIS DUMLAO-ABADILLA