Ownership of the University of Nueva Caceres change hands. Kind of.
For decades, the Hernandez family of Naga city and Libmanan town used to own and manage the first and largest university in Bicol.
But not anymore as the education arm of the Ayala Corporation, the AC Education, Inc., (AEI) acquired 60 per cent of the controlling interest of the university a few years back. Then, in 2014, a school in Bataan was acquired by AEI and became UNC-Dinalupihan.
Now, the Ayala and Yuchengco groups are merging their education businesses valued at P15.5 billion into one entity.
The Yuchengco’s own the Philippine Stock Exchange-listed iPeople, Inc. which in turn owns the Malayan Colleges Laguna, Malayan Colleges Mindanao and Mapua University.
The merger, which was already approved by the Philippine Stock Exchange will see the Yuchengco-led House of Investment’s (HI) iPeople, Inc. as the surviving company.
Ayala Education owns, aside from UNC, the APEC Schools, a chain of private high schools which has 23 sites in Metro Manila, Cavite, Rizal, and Batangas. In February it acquired the National Teachers College based in Quiapo.
HI is seen to control 51.3% of iPeople while AEI (Ayala) will get the share of 33.5%.