iPeople, Inc. (PSE:IPO) entered into a non-binding term sheet to acquire Ayala Education, Inc. from Ayala Corporation (PSE:AC) on January 5, 2018. Under the non-binding term sheet, iPeople, Inc. and Ayala Corporation agreed to an exclusivity period to complete due diligence. iPeople, Inc. signed a definitive agreement to acquire Ayala Education, Inc. from Ayala Corporation for PHP 15.5 billion on October 1, 2018. Post-merger, listed iPeople shall be the surviving entity with the House of Investments, Inc. and Ayala Corporation controlling 51.3% and 33.5%, respectively, of the combined entity. As of October 1, 2018, iPeople, Inc. agreed to issue 295.33 million shares to Ayala Corporation for 1993.48 million shares of Ayala Education, Inc which include 132.79 million shares to be subscribed by Ayala Corporation. The merger involves an exchange of shares between iPeople and AC Education, which translates to an exchange ratio of 6.75 shares of AC Education for every 1 share of iPeople.

As of October 1, 2018, for the financial year ended December 31, 2017, Ayala Education, Inc. has reported total assets of PHP 1.2 billion, total equity of PHP 1.2 billion, loss before income tax and let loss of PHP 97.95 million. All terms and conditions of the transaction, including the involvement of House of Investments, Inc., parent of iPeople, Inc. and Ayala Corporation in the management of the surviving entity shall be subject to approval by the Boards of Directors of iPeople, Inc., Ayala Education, Inc., Ayala Corporation and House of Investments, Inc., approval of shareholders of iPeople, Inc.and Ayala Education, Inc., Securities and Exchange Commission and Philippine Competition Commission approvals. The Executive committee of Ayala Corporation has approved the transaction. As per announcement of December 6, 2018, the transaction is approved by the Board Of Directors of Ayala Corporation. As on December 12, 2018, the shareholders of iPeople, inc. approved the transaction. As on December 12, 2018, Philippine Competition Commission resolved that it will take no further action with respect to the proposed merger. As per announcement of February 1, 2019, it has been disclosed that deal is approved by iPeople, Inc., Ayala Education, Inc., Ayala Corporation respective Boards of Directors and stockholders. On December 6, 2018, Relevant Regulatory Agency approved the transaction. On April 24, 2019, Securities and Exchange Commission approved the transaction. The terms and conditions of the proposed transaction shall be finalized within the first quarter of 2018. Merger effectivity date is May 02, 2019. RCBC Capital Corporation and BPI Capital Corporation acted as financial advisor to iPeople, Inc. and Ayala Education, Inc. respectively.