Megaworld puts P3.3B price tag on Stateland acquisition
Andrew Tan?s Megaworld Corp. will pay P3.3 billion in cash for the acquisition of 42-year old property developer, Stateland Inc.
In a regulatory filing, Megaworld said it would acquire 97 percent of Stateland at the agreed purchase price based on the closing balance sheet equity as of May 31.
The transaction, subject to the approval of the Philippine Competition Commission, involves the acquisition of 111.404 million shares of stock and certain allied and related properties on top of Stateland?s existing horizontal and upscale pocket townhouse developments spread across more than 200 hectares in South Luzon and some parts of Metro Manila.
With the purchase, Megaworld?s raw land portfolio will increase by 150 hectares.
The acquisition will also allow Megaworld to expand its developments in the Calabarzon.