MANILA, Philippines —Education and ports tycoon Eusebio Tanco is buying the 61-year old Philippine School of Business Administration, which has local campuses in Manila and Quezon City, in a bid to expand his school network.
Tanco-led STI Education Systems Holdings announced on Wednesday that its board had approved the signing and execution of a term sheet to acquire PSBA Manila and PSBA Quezon City.
“The term sheet covers the takeover by the company of the operations of PSBA as well as the acquisition of licenses, trademarks, trade names and school-related assets owned by PSBA,” said STI, which is listed on the Philippine Stock Exchange.
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“The term sheet and the implementation of the transaction are subject to several conditions including the execution of mutually acceptable definitive agreements, the fulfillment of conditions precedent, the approval of the stockholders of PSBA and regulatory approvals,” it added.
Deal terms
Other details, including the purchase price, were not included. Established over six decades ago, PSBA now offers high school, business college courses and advanced management degrees.
It also has partnerships with other schools in Indonesia and Pakistan where it provides technical assistance in designing academic programs in business education and in providing administrative advisory services and qualified Filipino professors and instructors, the school’s website showed.
READ: Higher enrollments lift STI income by 132%
STI is one of the biggest private school chains in the country with enrollees in the current school year reaching almost 120,000 students
Net income during the six-month period ending Dec. 31 last year surged 132 percent to P517.8 million, STI said in a previous stock exchange filing.