GLOBE Telecom, Inc. has secured the approval of the Philippine Competition Commission (PCC) for the sale of its stake in Electronic Commerce Payments, Inc. (ECPay) to the parent company of the electronic wallet platform GCash.
“We received a certification from the Philippine Competition Commission allowing the transaction to proceed, subject to strict compliance by ECPay and Mynt of their respective voluntary commitments,” Globe told the stock exchange on Thursday.
The Ayala-led telecommunications company said it expects to complete the transaction upon receipt of approval from the regulatory bodies and once closing conditions are also completed.
In 2023, Globe said that it had entered into an agreement with Globe Fintech Innovations, Inc. (Mynt), the holding company of the e-wallet platform GCash, for the sale of its 77% stake in ECPay for P2.31 billion.
Payment One, Inc., which holds a 23% stake in ECPay, had also agreed to the transaction, allowing Mynt to fully acquire ECPay.
ECPay is an electronic payment service provider established in 2001. Its platform allows its partners to process bill payments, online shopping, and credit card payments, as well as e-wallet and cash card reloading. ECPay was acquired by Globe in 2019. — Ashley Erika O. Jose
