MANILA, Philippines — Japanese trading giant Mitsubishi Corporation is set to inject ₱44.5 billion ($700 million) into Ayala Corporation, significantly expanding its economic footprint in the Philippine conglomerate and increasing its voting stake to 20%.
Ayala disclosed the landmark deal to the Philippine Stock Exchange on Monday, September 21, marking a major milestone in the 52-year strategic alliance between the two firms.
“This transaction represents much more than a capital investment. It reflects the strength of a relationship built over many years and a deep alignment in values, long-term thinking, and responsible business stewardship,” said Ayala Chairman Jaime Augusto Zobel de Ayala.
“As we enter this new chapter with Mitsubishi, we look forward to deepening our collaboration and creating lasting value for our stakeholders while contributing meaningfully to the country’s continued progress.”
Under the terms of the agreement, the transaction is valued at ₱650 per common share and will be executed through a combination of primary and secondary shares, alongside a voluntary tender offer.
Upon completion, Mitsubishi’s economic ownership in Ayala will climb from 4.7% to 15%, while its voting power will reach 20%, cementing its status as one of the conglomerate’s top strategic investors.
The deal requires regulatory and shareholder approvals, alongside proposed amendments to Ayala’s articles of incorporation. If granted, Ayala’s board of directors will expand from seven to nine seats.
“Mitsubishi’s increased investment in Ayala Corp. is designed to grow value for Ayala’s shareholders by combining global reach and technology of one of Japan’s leading trading houses with the assets of one of the Philippines’ most diversified conglomerates. This is about turbo-charging a 52-year relationship to benefit our various stakeholders,” said Ayala President and Chief Executive Officer Cezar Consing.
Ayala anticipates receiving approximately ₱20 billion in net proceeds from the deal, which it plans to allocate toward debt repayment, ongoing share buybacks across its listed entities, and funding future expansion initiatives.
To facilitate the ownership increase, Ayala will conduct a voluntary tender offer on Mitsubishi’s behalf for up to 30 million common shares at the matching price of ₱650 per share, giving public shareholders an opportunity to participate.
The capital injection highlights Mitsubishi’s confidence in the Philippine macroeconomic outlook and Ayala’s corporate direction.
Both companies plan to deepen their joint efforts across key sectors, including infrastructure, energy transition, real estate, digital technology, mobility, and logistics.