A subsidiary of Ayala Corp. acquired a majority interest in a manufacturer of innovative solar solutions that will allow the conglomerate to bolster its global manufacturing presence and potentially disrupt the solar energy industry.

In a disclosure to the stock exchange, the conglomerate said AC Industrial Technology Holdings Inc. purchased a controlling stake in Merlin Solar Technologies, Inc. where the group made a minority investment in 2016.

AC Industrials, through subsidiary ACI Solar Holdings NA, will own 78.2% of Merlin after the transaction and completion of other related activities.

ACI Solar held an 8.2% stake in Merlin prior to the transaction, according to regulatory filings. — Krista Angela M. Montealegre

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