MUFG Bank, Ltd., Bank of Ayudhya Public Company Limited (SET:BAY), PT Adira Dinamika Multi Finance Tbk (IDX:ADMF) and a Local Indonesian investor signed of an agreement to acquire HC Consumer Finance Philippines, Inc. and PT Home Credit Indonesia for approximately €596 million on November 24, 2022. Krungsri and MUFG Bank to purchase 75% and 25% respectively of Home Credit Philippines for a valuation of €406 million. Krungsri, Adira and a local Indonesian investor to purchase 75%, 10%, and 15%, respectively of Home Credit Indonesia for a valuation of €209 million. The final consideration is subject to one-to-one adjustment based on the equity book value at closing of the transaction. The acquisition is expected to be completed in H2 2023, subject to Krungsri shareholder and from the relevant regulatory authorities.
As on November 24, 2022, Bank of Ayudhya Public Company Limited Board of Directors approve the deal. As of May 31, 2023, Krungsri and MUFG Bank completed the acquisition of 75% and 25% respectively of the Home Credit Philippines business for a valuation of €406 million. As previously announced in November 2022, Home Credit Group B.V. is also involved in the sale of its Indonesian operations to the same consortium. The deal is expected to close in the second half of 2023. Bank of Thailand and Philippines Competition Commission (PCC) have approved the transaction.
Pavel Rozehnal, Emma Davies, Bryan Koo, Valerie Kong, Zayed Al Jamil, Nicola Hemsley and Edward Page of Clifford Chance LLP acted as legal advisor to Home Credit Group B.V. Suparerk Auychai, Harun Reksodiputro, François Renard, Duc Tran, Filip Van Elsen, Ka Sen Wong and Chris Burkett of Allen & Overy LLP acted as legal advisor to Bank of Ayudhya Public Company Limited (SET:BAY). UBS Securities Japan Co., Ltd. acted as financial advisor to MUFG Bank, Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Home Credit Group B.V.