PhilWeb and JKS Tech swap stakes in $67.4M cross-investment deal
What's the deal? Philippine gaming technology firm PhilWeb Corp.Dealroom has a profile for this one. Try Dealroom → and JKS Tech Solutions Inc.Dealroom has a profile for this one. Try Dealroom → have signed a series of agreements under which JKS will acquire a 4.85% stake in PhilWeb, while PhilWeb subscribes to P3.77 billion ($67.4 million) worth of JKS shares.
How is it structured? Under a share purchase agreement, JKS will buy PhilWeb shares at P16.50 each in two stages. The first closing covers 20.35 million shares for P335.7 million; the second involves 61.04 million shares for P1.01 billion.
What comes back the other way? PhilWeb will subscribe to 3,408,079 Common B Shares at P394 each, for P1.34 billion — an amount identical to the price JKS pays for its PhilWeb stake. In a second transaction, subsidiary PhilWeb Capital Corp.Dealroom has a profile for this one. Try Dealroom → will subscribe to 7,317,996 Common B Shares for P2.88 billion ($46 million).
Who are the players? PhilWeb provides gaming technology services to operators licensed by the Philippine Amusement and Gaming Corp.Dealroom has a profile for this one. Try Dealroom → It has partnered with land-based casinos and content providers including Newport World ResortsDealroom has a profile for this one. Try Dealroom →, Okada ManilaDealroom has a profile for this one. Try Dealroom →, and Nustar Resort and CasinoDealroom has a profile for this one. Try Dealroom → to support their online gaming platforms.
What does JKS do? JKS is a Philippine business-to-business technology, platform, and digital infrastructure company serving licensed mid-market operators in the digital entertainment sector.
Why now? PhilWeb's board recently appointed business executive Lance Gokongwei as chairman, signalling fresh direction as the deal takes shape.
The signal: The reciprocal investment ties two Philippine gaming-technology firms closer together, pooling infrastructure and platform capabilities as online gaming grows among Pagcor-licensed operators.
Read more: manilastandard.net
Image credit: Generated with Gemini
