PCC approves Ayala-Mitsubishi P18.4B joint venture

The Philippine Competition Commission (PCC) approved a joint venture between Ayala Corporation and Mitsubishi Corporation on Thursday, with Mitsubishi acquiring a 50% stake in AC Ventures Holding Corporation for P18.4 billion.

AC Ventures is Ayala's venture capital arm and parent company of Mynt, the operator of GCash, which holds a small market share in QR code-based digital payments to merchants.

The PCC determined that this investment would not significantly impact competition in the market for QR code-based digital payments due to Mitsubishi's limited presence in the Philippines despite its ownership of Lawson Philippines.

Ayala Corp. and Mitsubishi finalized the deal in April, following an announcement last October.

Both companies now hold equal stakes in ACV after the transaction was completed.