GCash parent secures green light for ECPay acquisition

The companies entered into this agreement in 2023.

File photo: GCash app

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The operator of e-wallet GCash has received approval from authorities to acquire payment platform Electronic Commerce Payments Inc. (ECPay).

In a disclosure, telco giant Globe said the Philippine Competition Commission has approved the sale of ECPay to Globe Fintech Innovation Inc. or Mynt for PHP 2.31 billion. The transaction is subject to strict compliance by ECPay and Mynt with their respective voluntary commitments.

Completion is expected to occur upon receipt of approvals from other relevant regulatory bodies and satisfaction of closing conditions, Globe said.

Globe and Mynt entered into an agreement in 2023 for the telco's sale of its 77 percent stake in ECPay.

Payment One, Inc. also agreed on the sale of its 23 percent stake, allowing the GCash operator to fully acquire ECPay.

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Source: Globe; Via: BusinessWorld