Ayala Group, Yuchengcos explore merger of educational businesses
The Ayala and Yuchengco families have signed a non-binding deal to merge their educational units under one company.
Ayala?s education arm AC Education and the Yuchengco-led House of Investments Inc. have agreed to complete due diligence, and to finalize the terms and conditions of the proposed merger within the first quarter of the year.
iPeople shall be the surviving entity once the merger is implemented and approved by regulatory authorities. The merged institution will have a combined student population of over 40,000 across Mapua University, Malayan Colleges Laguna, Malayan Colleges Mindanao, and the Ayala Group?s University of Nueva Caceres and APEC Schools (the largest stand-alone chain of private high schools in the country).
“Mapua’s reputation as a leading private engineering and technical university in the country, together with AC Education?s ability to provide quality education leading to enhanced employability, at an affordable price, would enable the Yuchengco Group of Companies and Ayala Corp. to jointly contribute to the improvement of the quality of education in the Philippines, for the benefit of all sectors of society,” said Helen Y. Dee, chair of House of Investments.
AC chairman and CEO Jaime Augusto Zobel de Ayala, for his part, said the potential merger ?would create significant synergies that would enable us to better equip students for the compelling future.”