Ayala group acquires controlling stake in California-based Merlin Solar

AC Industrial Holdings Inc. (AC Industrials), a wholly-owned subsidiary of Ayala Corp., has acquired a controlling stake in California-based renewable energy company Merlin Solar Technologies Inc.

The transaction was consummated by AC Industrials subsidiary ACI Solar Holdings NA which acquired an 8-percent stake in Merlin Solar in 2016.

“AC Industrials will have an ownership interest of 78.2 percent in Merlin after the transaction and completion of other related activities,” Ayala Corp. said in an emailed statement Monday.

The company did not disclose the transaction cost, other than saying that the deal was finalized in the US on February 24, 2018.

Headquartered in San Jose, California, Merlin Solar is in the business of developing solar power solutions.

“Moving forward, Merlin shall also be establishing a manufacturing presence in the Philippines through Integrated Microelectronics Inc., another subsidiary of AC Industrials,” Ayala Corp. noted.

“The proprietary solar solutions that Merlin brings to the table are key to AC Industrials’ strategy of working on disruptive technologies and aligns with the Ayala group’s drive to invest in emerging, innovative spaces, such as in e-commerce and fintech,” Ayala Corp. and AC Industrials chairman Jaime Augusto Zobel de Ayala said. —Jon Viktor Cabuenas/VDS, GMA News