Greenergy Holdings Incorporated (PSE:GREEN) signed a letter of intent to acquire 51% stake in U-Pay Digital Technologies, Inc. from ABS-CBN Corporation (PSE:ABS) for PHP 54 million on March 1, 2021. Greenergy Holdings Incorporated (PSE:GREEN) agreed to acquire U-Pay Digital Technologies, Inc. from ABS-CBN Corporation (PSE:ABS) on July 30, 2021. Under the terms of the transaction, Greenergy will acquire 51 million shares in U-Pay for a consideration of PHP 54 million.

PHP 0.7 million will be paid upon execution of the share purchase agreement; and PHP 53.3 million will be paid on closing. Under the Term Sheet, the execution of the definitive agreements is conditioned on a satisfactory legal, financial and environmental, social and governance due diligence by Greenergy. Greenergy is given forty-five (45) days from execution of the Term Sheet within which to complete the due diligence.

The transaction is subject to approvals of pertinent government authorities. As on April 15, 2021, the parties have mutually agreed to extend the due diligence for another thirty (30) calendar days, or until May 15, 2021. The completion of the transaction is subject to certain conditions precedent to closing, including the issuance by the Bangko Sentral ng Pilipinas (BSP) of a letter of no objection to the acquisition of the subject shares by the Greenergy Holdings, which shall not be later than September 30, 2021.

As on May 14, 2021, The Greenergy Holdings Incorporated completed the due diligence. As of July 30, 2021, the transaction has received the approval from the board of directors of Greenergy Holdings Incorporated. As on October 1, 2021, closing date was mutually extended by the parties from September 30, 2021 to November 15, 2021.

As on November 16, 2021, the parties mutually agreed to further extend the closing date to December 15, 2021. As of December 15, 2021, the parties have mutually agreed to further extend the closing date of the Transaction to March 31, 2022. As of March 31, 2022, the parties have mutually agreed to further extend the closing date of the Transaction to June 30, 2022