ABS-CBN Corp. said Monday Greenergy Holdings, Inc.(GHI) is acquiring a majority stake in U-Pay Digital Technologies, Inc., the media company’s joint venture with iBayad Online Ventures, Inc.
The Tiu-led Greenergy Holdings executed a legally binding term sheet with ABS-CBN and iBayad for its acquisition of 51-million fully paid common shares of U-Pay from the listed media company, ABS-CBN’s disclosure to the stock exchange said.
The deal would result in GHI “owning 51% of the outstanding capital stock of U-Pay,” the media company said.
“GHI shall pay the total amount of P54 million as consideration for the transaction,” it added.
The media company noted that under the term sheet, “the execution of the definitive agreements is conditioned on a satisfactory legal, financial and environmental, social and governance due diligence by GHI.”
“GHI is given 45 days from execution of the term sheet within which to complete the due diligence,” it said. “The transaction is also subject to approvals of pertinent government authorities.”
According to its website, U-Pay is engaged in the business of digital commerce and payment services.
It also develops and provides mobile payment and technology solutions and services.
“Our mission is to help aid in the digital transformation of the unbanked and underbanked sector of the society by equipping them with tools that help them easily, conveniently and securely do mobile payment transactions,” U-Pay said.
Moreover, ABS-CBN said U-Pay is also engaged in advertising, producing, distributing, and marketing products and services that are connected to its operations.
“Under the term sheet, iBayad shall provide expertise in financial technology, programs and software applications it has developed and will develop for U-Pay, including the service and maintenance thereof,” ABS-CBN said. — Arjay L. Balinbin
