Globe Telecom Inc. said on Thursday the Philippine Competition Commission has approved the telco’s plan to sell its entire equity in Electronic Commerce Payments Inc. (ECPay) to Globe Fintech Innovations Inc. (Mynt).
The transaction, valued at P2.31 billion, began nearly two years ago, Globe Telecom said in a disclosure to the Philippine Stock Exchange.
“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,” the disclosure read.
“Completion is expected to occur upon receipt of approvals from other relevant regulatory bodies and satisfaction of closing conditions,” it added.
Globe Fintech, popularly known as Mynt, is a subsidiary of Globe Telecom.
In September 2023, Globe Telecom entered into an agreement with Mynt covering Globe Telecom’s 77 percent stake in ECPay.
ECPay’s minority stakeholder, Payment One Inc., is likewise a party to the agreement, effectively making the transaction a full acquisition of ECPay by Mynt.
Mynt is a joint venture between Globe Telecom, Alibaba subsidiary Ant Group, and Ayala Corporation.
Globe Telecom is also partly owned by Ayala Corp., together with Singapore’s SingTel.
Asiacom Philippines Inc., a joint venture between Ayala and SingTel, owns 52.3 percent of Globe Telecom.
On the other hand, SingTel on its own holds 22.2 percent equity in Globe Telecom, while Ayala owns 14.5 percent.
Incorporated in 2001, ECPay, is an electronic payment service provider acquired by Globe Telecom in 2019 to enhance its distribution network. The ECPay platform enables merchant partners to process bills payments, electronic prepaid mobile phone loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments.
