Japanese trading house Mitsubishi Corporation has signed a definitive agreement with Philippine conglomerate Ayala Corporation to acquire additional shares and strengthen their strategic partnership.

The transaction involves a capital injection expected to total approximately JPY 120 billion. This acquisition will take place after Ayala repurchases its own shares via a tender offer and other methods. Subject to regulatory clearance and the completion of tender offer conditions, the deal is targeted for closure within FY2026. Once finalised, Mitsubishi Corporation will hold a 20 per cent voting interest in Ayala Corporation.

The two groups originally formed a comprehensive alliance agreement in 2024. As part of that existing collaboration, both firms completed a joint investment in Mynt, Inc., the company operating GCash, which stands as the primary consumer finance application in the Philippines.

Ayala Corporation was established in 1834 and remains one of the largest conglomerate groups in the Philippines. Its business operations span real estate, financial services, telecommunications, energy, infrastructure, healthcare and retail.

Through this enlarged alliance, both companies plan to expand joint projects across consumer-focused sectors including retail, telecommunications and financial services. They also intend to broaden cooperation within Ayala’s core operations in real estate and energy.

By combining Ayala’s domestic presence with Mitsubishi’s international network, the partners aim to capitalise on ongoing population growth and economic expansion in the Philippines to secure new commercial ventures.