BUSINESSMAN Ramon S. Ang said on Wednesday he has completed the acquisition of a majority stake in the Inquirer Group of Companies.
“The deal is long done. Inaayos pa lang with the regulators, Philippine Competition Commission (PCC),” Mr. Ang told reporters after the annual shareholders meeting of his company Eagle Cement Corp.
Mr. Ang, who is making the investment in his personal capacity, declined to disclose the value of the deal for the 85% stake in the Inquirer Group.
The PCC is mandated to review all mergers and acquisitions valued over P1 billion.
In July, Inquirer Group of Companies Chairman Marixi R. Prieto said she has “resumed discussions” with Mr. Ang, president of San Miguel Corp., for the sale of the family’s interest and “majority” shareholdings in the Inquirer Group, which owns a broadsheet, tabloid newspapers and a radio station.
Ms. Prieto had described Mr. Ang as a “long-standing friend and business partner,” noting that talks started in 2014 and restarted early this year.
“The Prieto family’s decision to divest after 25 years is a strategic business decision that it believes will maximize group opportunities for the Inquirer Group,” the newspaper said at that time.
The remaining 15% of the Inquirer Group is held by businessman Manuel V. Pangilinan, who previously expressed willingness to sell his stake.
Mr. Pangilinan already has interests in the media industry through Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. Hastings has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia