PLDT-Backed Kayana Completes P2.7-Billion Acquisition of Bayad Center
Key Takeaways
- •Kayana Solutions completed a P2.7-billion acquisition of an additional 90% stake in CIS Bayad Center, increasing its ownership from 10% to 100% and making Bayad a wholly owned subsidiary.
- •Kayana purchased 504,948 Bayad common shares from Manila Electric Co. and its subsidiary Corporate Information Solutions, with 476,895 shares held by CIS and 28,053 owned directly by Meralco.
- •Under payment terms revised in October, an initial payment was due upon closing, with the remaining balance payable in April 2027.
- •Meralco exited its direct stake in Bayad but retains an indirect interest through its 27.5% holding in Kayana, in which PLDT owns 45% and Metro Pacific Investments Corp. owns 27.5%.
- •In January, PLDT's board approved a P1.215-billion subscription to additional Kayana shares, and PLDT shares rose 1.7% to P1,139 apiece on Wednesday following the completion disclosure.
Kayana Solutions, Inc., the digital venture of Pangilinan-led PLDT Inc., has completed its P2.7-billion acquisition of an additional 90% stake in CIS Bayad Center, Inc. (Bayad), taking full ownership of the payment collection services provider.
In a stock exchange disclosure on Wednesday, PLDT said Kayana purchased 504,948 common shares of Bayad from Manila Electric Co. (Meralco) and its wholly owned subsidiary, Corporate Information Solutions, Inc. (CIS).
The transaction lifted Kayana's stake in Bayad from 10% to 100%, making the payment services provider a wholly owned subsidiary. Of the shares acquired, 476,895 were held by CIS, while the remaining 28,053 were owned directly by Meralco.
The deal was first announced in April, with the purchase price set at P2.7 billion. Under revised payment terms disclosed in October, an initial payment was to be made upon closing, with the balance payable in April 2027 — the next disclosed milestone in the transaction.
Bayad provides payment collection services through both physical and digital channels, including bills payment facilities and other financial services. Full ownership places that collection network directly under Kayana, aligning Bayad's bills payment operations with the buyer's stated focus on payment services.
Kayana, formerly known as DigiCo, is a digital solutions company that uses data and technology to support payment services and customer engagement across companies associated with businessman Manuel V. Pangilinan. PLDT holds a 45% stake in Kayana, while Meralco and Metro Pacific Investments Corp. (MPIC) each own 27.5%. That ownership overlap means Meralco exits its direct stake in Bayad while retaining an indirect interest in the same business through its 27.5% holding in the buyer, keeping the payment asset within the Pangilinan-associated group.
In January, PLDT's board of directors approved the company's subscription to an additional 1.215 billion common shares in Kayana for P1.215 billion. The investment forms part of PLDT's efforts to develop digital businesses within the Pangilinan-led group, and PLDT previously said its ownership in Kayana would remain at 45% following the additional investment.
At the local bourse on Wednesday, PLDT shares rose P19, or 1.7%, to close at P1,139 apiece.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
— Ashley Erika O. Jose
Source: BusinessWorld
