Finance
MUFG Buys Stake in Philippine Fintech GCash for $393 Million
- MUFG has been investing in digital startups in emerging Asia
- Deal more than doubles GCash parent’s valuation to $5 billion
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Japan’s Mitsubishi UFJ Financial Group Inc. will acquire an 8% stake in Globe Telecom Inc.’s GCash for $393 million, in a deal that would value the top Philippine fintech company at $5 billion. Globe shares surged to the highest in more than a year on Friday.
MUFG will acquire the stake in Globe Fintech Innovations Inc., or Mynt, the firm that manages GCash. Conglomerate Ayala Corp., parent of Globe, will also increase its investment in Mynt by buying an additional 8% interest for the same amount, boosting its stake to about 13%.