4/5/2026
Newsletter
April 2026 was a thin but structurally representative month for Philippine M&A, with deal flow concentrated in financial services and healthcare. The standout transaction was Salmon Group’s USD100m dual-tranche financing - a USD60m equity round and a USD40m public bond - which underscored continued international appetite for Philippine consumer fintech despite the broadly cautious global capital market environment. Cross-border pharma M&A was active in parallel, with India’s Lupin announcing a USD39.6m buyout of minority shareholders in Multicare Pharmaceuticals Philippines and Taiwan’s Lotus Pharmaceutical acquiring the Philippine business of Sandoz AG.
JINS Philippines acquires Suyen Corporation’s eyewear retail operations
In April 2026, JINS Philippines Inc. - the 100%-owned Philippine subsidiary of Japan’s JINS HOLDINGS Inc., established in August 2025 with PHP264 million (~JPY700 million) paid-in capital - agreed to acquire the management rights and operations of the JINS-branded eyewear stores previously operated under franchise by Suyen Corporation (parent of Bench), converting eight existing retail locations from a franchise model to a directly operated subsidiary structure; transaction value was not disclosed.
Article link: JINS Philippines acquires Suyen Corporation’s eyewear retail operations
General Atlantic offloads most of its stake in Kumu
General Atlantic sold most of its stake in Philippine live-streaming platform Kumu to multiple buyers, including a group of existing investors, and retained a minority stake of about 1.6% after the transaction. The transaction value was not disclosed.
Article link: General Atlantic offloads most of its stake in Kumu
Vivant Infracore acquires 100% of Bantayan Resource Management and Development Corp.
On 21 April 2026, Vivant Transcore Holdings Inc. (the water arm of Vivant Infracore Holdings Inc., listed Vivant Corp.’s subsidiary) completed the acquisition of 100% of BREMANDCOR, the sole water distribution provider in the Municipality of Bantayan, Cebu, serving over 4,000 households; the transaction extends Vivant’s integrated utility platform on Bantayan Island, where it has been the sole power provider via Isla Norte Power Corp. since 2022. Transaction value was not disclosed.
Article link: Vivant Infracore acquires 100% of Bantayan Resource Management and Development Corp.
J Ten Equities acquires additional 10% stake in Raslag Corp. from Angeles Power for c. USD2.7 million
On 22 April 2026, J Ten Equities Inc. - the Nepomuceno family holding company and controlling shareholder of listed solar developer Raslag Corp. (PSE: ASLAG) - acquired 150 million shares (c. 10% stake) from Angeles Power Inc. at PHP1.10 per share for a total consideration of approximately PHP165 million (~USD2.7 million), increasing its aggregate ownership in Raslag to 67.18%; Angeles Power’s residual stake fell to 8.98%. The cross-transaction did not affect the company’s public float.
Article link: J Ten Equities acquires additional 10% stake in Raslag Corp. from Angeles Power for c. USD2.7 million
Netbank closes Series B led by Altara Ventures to expand BaaS platform
On 29 April 2026, Netbank Inc. - a BSP-licensed rural bank operating as a Banking-as-a-Service (BaaS) platform enabling fintechs and digital businesses to embed regulated financial products via API - closed a Series B funding round led by Singapore-based Altara Ventures, with full re-participation from existing investors BeeNext, Kaya Founders, January Capital, Oak Drive Ventures, and Boleh Ventures.
Article link: Netbank closes Series B led by Altara Ventures to expand BaaS platform
Salmon Group closes USD100 million dual-tranche financing round
On 20 April 2026, Salmon Group - a technology-driven financial services company operating in the Philippines through BSP-licensed Salmon Bank (Rural Bank) and SEC-licensed Salmon Finance - closed a USD100 million financing round comprising: (i) USD60 million equity led by Spice Expeditions, with Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, IFC, ADQ/Lunate, and existing investors participating; and (ii) USD40 million in public bonds at a 13.7% effective yield under its existing USD150 million Nordic bond programme. The round was significantly oversubscribed. Proceeds will be used for product expansion, distribution, Salmon Bank capitalisation, and lending portfolio growth.
Article link: Salmon Group closes USD100 million dual-tranche financing round
Meralco and CIS divest CIS Bayad Center stake to Kayana Solutions for USD47 million
On 20 April 2026, Manila Electric Co. (Meralco) and its wholly owned subsidiary Corporate Information Solutions Inc. (CIS) agreed to sell their combined 90% stake in CIS Bayad Center Inc. - 504,948 common shares at PHP5,347.08 per share - to Kayana Solutions Inc. for PHP2.7 billion (USD47 million). The transaction consolidates Bayad within the MVP Group’s fintech platform pending regulatory approvals.
Article link: Meralco and CIS divest CIS Bayad Center stake to Kayana Solutions for USD47 million
Lupin’s Nanomi B.V. acquires additional 43.38% stake in Multicare Pharmaceuticals Philippines for up to USD39.6 million
On 1 April 2026, India’s Lupin Limited announced that its wholly owned Dutch subsidiary Nanomi B.V. had entered into definitive agreements to acquire 11,794,497 shares (43.38%) of Multicare Pharmaceuticals Philippines Inc. (MPPI) from existing shareholders for a maximum cash consideration of USD39.6 million.
Article link: Lupin’s Nanomi B.V. acquires additional 43.38% stake in Multicare Pharmaceuticals Philippines for up to USD39.6 million
Lotus Pharmaceutical acquires Philippines business of Sandoz AG
On 2 April 2026, Taiwan-listed Lotus Pharmaceutical Co., Ltd. (TWSE: 1795) announced an agreement to acquire the Philippines business of Sandoz AG, the Novartis-spun generics and biosimilars subsidiary; upon completion (targeted Q2 2026), Lotus will assume sales and marketing of Sandoz Philippines’ existing product portfolio, covering therapeutic areas including cardiovascular and oncology biosimilars and generics. Transaction value was not disclosed.
Article link: Lotus Pharmaceutical acquires Philippines business of Sandoz AG
Note: (1) Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.