Greenergy takes control of fintech firm in P54-M deal with ABS-CBN | Inquirer Business
Close  

Greenergy takes control of fintech firm in P54-M deal with ABS-CBN

/ 04:51 PM August 02, 2021

MANILA, Philippines—Businessman Antonio Tiu’s Greenergy Holdings Corp. is taking control of financial technology company U-Pay Digital Technologies Inc. in a P54 million deal after buying out media giant ABS-CBN Corp.

The companies disclosed the share purchase agreement in separate filings on Monday (Aug. 2). This involved the acquisition of 51 million U-Pay shares at P1 each and another P3 million to cover reimbursement for pre-operating expenses.

ADVERTISEMENT

Greenergy is expected to take a 51 percent stake in U-Pay once the deal closes and the Bangko Sentral ng Pilipinas (BSP) issues a letter of no objection on or before Sept. 30 this year.

“The transaction will strengthen the position of the company in the field of financial technology,” Greenergy said in the filing.

FEATURED STORIES

U-Pay is a fintech company engaged in the business of customer and merchant e-wallet/e-money services. It has a Type “C” E-Money Issuer license issued by BSP and is duly registered to operate as a remittance and transfer company.

Before the acquisition, U-Pay was a partnership between ABS-CBN and iBayad Online Ventures Inc.

U-Pay is a platform that allows users to buy goods, pay bills, and send money. Merchant partners included utilities and banks like Globe Telecom, Manila Electric Co. and Metropolitan Bank & Trust.

ABS-CBN entered into a partnership with iBayad in 2019 when the two companies committed to invest an initial P100 million to establish a digital payments venture.

TSB
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ABS-CBN, Antonio Tiu, Business, FinTech, Greenergy, SEC
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.