Ayala Corporation Monday announced the signing of a definitive agreement with Mitsubishi Corporation to significantly expand Mitsubishi’s investment in Ayala, marking a new chapter in a long-standing relationship.

The transaction is valued at approximately ₱44.5 billion (approximately $700 million) based on the agreed subscription and acquisition price of ₱650 per common share.

It comprises a combination of primary and secondary shares including a voluntary tender offer. Upon completion, Mitsubishi’s economic ownership in Ayala will increase from 4.7 percent to 15 percent, and its voting stake to 20 percent, reinforcing its position as one of Ayala’s largest long-term strategic shareholders.

Subject to the requisite shareholder and regulatory approval for the proposed amendments to Ayala’s Articles of Incorporation, Ayala’s board of directors will be expanded from seven to nine members.

Ayala is expected to receive approximately ₱20 billion in proceeds which will be used to further strengthen its balance sheet through debt reduction, continue its share purchase program covering the shares of Ayala and its listed subsidiaries, and support future growth initiatives.

“This transaction represents much more than a capital investment,” said Jaime Augusto Zobel de Ayala, chairman of Ayala Corporation. “It reflects the strength of a relationship built over many years and a deep alignment in values, long-term thinking, and responsible business stewardship. 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.”

As part of the transaction, on behalf of Mitsubishi, Ayala intends to conduct a voluntary tender offer for up to approximately 30 million common shares, subject to compliance with applicable regulatory requirements.

The tender offer will provide public shareholders with an opportunity to participate in the transaction and realize value at the same ₱650 per share price agreed with Mitsubishi. Additional details regarding the tender offer will be disclosed in due course.

The investment reflects Mitsubishi’s confidence in Ayala’s strategy, the strength of its diversified portfolio and the growth potential of the Philippine economy.

It also reinforces Ayala’s track record of attracting strategic international capital into Philippine businesses and platforms, supporting innovation, expansion, and economic progress.

With Mitsubishi’s increased investment, the two groups intend to deepen collaboration in sectors critical to the Philippines’ future development, including infrastructure, energy transition, real estate, digital technologies, mobility, logistics, and other emerging growth industries.

Mitsubishi’s global network, industry expertise, and market relationships are expected to help accelerate business growth, support technology and knowledge transfer, and unlock new opportunities across Ayala’s portfolio.

“Mitsubishi’s increased investment in Ayala Corporation 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 Cezar Consing, Ayala president and CEO.

Ayala and Mitsubishi’s long-standing relationship has evolved alongside both organizations. Throughout that period the two groups have collaborated across multiple sectors and business ventures. Their shared focus on long-term value creation, disciplined stewardship, and continuous transformation has strengthened the alliance over the decades.

The broader alliance also reflects the deepening economic ties between the Philippines and Japan and supports the shared efforts to foster greater economic cooperation. The transaction builds on the momentum generated by President Ferdinand Marcos Jr.’s visit to Tokyo and reflects the continued strengthening of economic and investment relations between the two countries.

Ayala and Mitsubishi hope the strategic relationship will continue to serve as a platform for increased cross-border investment, knowledge sharing, and business collaboration, creating new opportunities for businesses, industries, and communities in both countries.

The transaction’s closing remains subject to conditions precedent, closing conditions, and applicable regulatory approvals. Ayala Corporation