BDO Merges with Podium in P7.08 Billion Deal
Deal News | Nov 20, 2024 | EIN
The Securities and Exchange Commission (SEC) has approved BDO Unibank, Inc.’s merger with its wholly owned subsidiary, The Podium Complex, Inc. The merger, valued at P7.08 billion, will come into effect on December 1. BDO will remain as the surviving entity. Previously known as SM Keppel Land, Inc., The Podium Complex became wholly owned by BDO after it acquired a 50% stake from Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc. last year. The transaction, approved by both the Bangko Sentral ng Pilipinas (BSP) and the Philippine Competition Commission, received the nod from BDO’s board in January and its shareholders in April.
Sectors
- Banking and Finance
- Real Estate
Geography
- Philippines – The merger involves entities based in the Philippines, and regulatory approvals were obtained from Philippine authorities.
Industry
- Banking and Finance – The merger involves BDO Unibank, a prominent financial institution in the Philippines.
- Real Estate – The transaction includes the acquisition of real estate properties such as The Podium Corporate Center and Mall.
Financials
- P7.08 billion – The valuation of the merger between BDO Unibank and The Podium Complex.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BDO Unibank, Inc. | Surviving Company | Company | BDO is a leading bank in the Philippines that will be the surviving entity post-merger. |
| The Podium Complex, Inc. | Merged Company | Company | Previously known as SM Keppel Land, Inc., it will merge into BDO. |
| Securities and Exchange Commission (SEC) | Regulatory Approval | Government | The Philippine regulatory body that approved the merger. |
| Bangko Sentral ng Pilipinas (BSP) | Regulatory Approval | Government | The central bank of the Philippines that approved the merger. |
| Philippine Competition Commission | Regulatory Approval | Government | The government body ensuring competitive practices that approved the merger. |
| Keppel Philippines Properties, Inc. | Seller | Company | Part of the group from which BDO acquired a 50% stake in SM Keppel. |
| Opon-KE Properties, Inc. | Seller | Company | Part of the group from which BDO acquired a 50% stake in SM Keppel. |