Globe to acquire EC Pay for P1.54B

Globe Telecom Inc. on Friday said it is acquiring a majority interest in Electronic Commerce Payment Inc. for P1.54 billion. 

The Ayala-led telco said its board approved the acquisition of 77 percent equity interest in EC Pay equivalent to 49.28 million shares for P1.54 billion. 

ECPay engaged in the provision of information technology and electronic commerce related solutions, and operates a multi-tiered platform that offers secure electronic solutions for various transactions such as load purchases. 

“Integrating ECPay into Globe’s network of retailers will add value to our distribution channels, enabling them to offer a suite of products and services via a single platform,” Ernest Cu, president and chief executive of Globe said. 

The ECPay platform will enable small business owners to offer more products and services which in turn will stimulate the e-commerce industry and the digital economy. It will also future-proof Globe’s distribution network, bringing the company a step closer to its vision of a digitally-enabled Philippines. 

BPI Capital acted as the exclusive financial adviser to Globe Telecom, Inc. 

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