Operators of APEC Schools, Mapua University in merger talks

The operators of APEC Schools and Mapua University are in talks for a possible merger.

The partnership would bring together iPeople Inc. subsidiary Malayan Education System Inc.—the operator of the Mapua University—and Ayala Corp.’s AC Education Inc. that could yield a combined population of over 40,000 students.

AC Education has executed a non-binding term sheet for a potential merger with iPeople Inc., the listed holding company of the House of Investments Inc., a member of the Yuchengco Group of Companies.

“Under the non-binding term sheet, the parties agreed to an exclusivity period to complete due diligence, and to finalize the terms and conditions of the proposed merger within the first quarter of 2018,” Ayala Corp. said on Monday.

Should the merger push through, iPeople would the surviving entity subject to regulatory approvals.

The potential merger would “enable the Yuchengco Group of Companies and Ayala Corporation to jointly contribute to the improvement of the quality of education in the Philippines, for the benefit of all sectors of society,” said Helen Dee, House of Investments chairperson.

“Our belief is that the potential combination of iPeople and AC Education would create significant synergies that would enable us to better equip students for compelling futures,” Jaime Augusto Zobel de Ayala, Ayala Corp. chairman and CEO, said. —Jon Viktor Cabuenas/VDS, GMA News