Ayala Healthcare Holdings (AC Health), a wholly owned subsidiary of Philippine-listed conglomerate Ayala Corporation, is acquiring a 75-per cent stake in Bacolod-based Negros Grace Pharmacy, according to a stock market disclosure.
Financial details of the acquisition were not disclosed in filing but AC Health said it has entered in to a share purchase agreement with Jasminum Corporation to acquire the majority stake in Negros Grace.
“This transaction enables AC Health to expand its portfolio in pharmacies, particularly in the Visayas region,” the Ayala subsidiary said.
A share purchase agreement was executed on December 6, 2018, the closing of which is subject to the fulfillment of certain conditions precedent and to securing any necessary regulatory approval.
Negros Grace, based in Bacolod City and founded in 1971, owns and operates over 70 drugstores across Central and Western Visayas.
In October, AC Health made a minority investment in home health application AIDE. The investment in AIDE was part of AC Health’s strategy to invest in innovative health technology solutions.
Established in 2016, AIDE provides a platform for patients to find medical professionals and practitioners to be able to provide their services in their specific specialties.
Earlier this week, Ayala Corporation announced that the Board of Directors has approved the merger of AC Education with iPeople Inc., the education subsidiary of House of Investments Inc.
Based on an earlier estimate, the combined school network will have a student population of over 60,000.
As previously disclosed, under the terms and conditions of the merger, listed iPeople will be the surviving entity.
The merger, which shall be completed as a statutory merger in accordance with Philippine law, shall be subject to the approval of the respective Boards of Directors and stockholders of AC Education and iPeople as well as securing the necessary regulatory approvals. – BusinessNews.ph