Operators of Mapua University, APEC Schools complete merger

The Ayala and Yuchengco groups on Thursday completed the P15.5-billion merger of their education units, bringing together seven institutions such as Mapua University and the National Teachers College.

In an emailed statement, Ayala Corp. (AC) said the merger of its subsidiary AC Education with iPeople Inc. was officially completed on May 2, after all requirements were secured.

"The merger has received all necessary board, stockholder and regulatory approvals and is effective as of today," the statement read.

The transaction was already approved by the Philippine Competition Commission (PCC) in December 2018, as it would not likely result in a substantial lessening of competition.

Post-merger, iPeople will be the surviving entity with Yuchengco's House of Investments Inc., controlling 51.3 percent while Ayala Corp. will have 33.5 percent.

"HI and AC will share governance and management of iPeople which, as a result of this strategic partnership, will become one of the leading education groups in the country, with almost 60,000 students," AC said.

The merger includes iPeople and its subsidiary Malayan Education System Inc., which operates the Mapua University; Malayan Colleges Laguna; Malayan Colleges Mindanao; and the Malayan High School of Science.

It also includes AC Education's subsidiaries such as the University of Nueva Caceres, National Teachers College, and APEC Schools.

"We are delighted to complete this merger and are looking forward to building on Mapua's expertise as one of the top STEM (Science, Technology, Engineering, and Mathematics) schools in the country, and AC Education's track record in delivering affordable career-focused courses in partnership with industry," said Helen Dee, chairperson of House of Investments Inc. and the Yuchengco Group of Companies.

"We are very pleased to be partnering with the Yuchengco Group of Companies. We are also excited about the many potential synergies that will allow us to better provide our students with the technical, critical thinking and real-world problem-solving skills they need to be successful in our rapidly changing 21st-century job market," added Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corp. —KBK, GMA News