MUFG Buys Stake in Philippine Fintech GCash for $393 Million (2)

Japan’s Mitsubishi UFJ Financial Group Inc. will acquire an 8% stake in Globe Telecom Inc.’s GCash for $393 million, in a deal that would value the top Philippine fintech company at $5 billion. Globe shares surged to the highest in more than a year on Friday.

MUFG will acquire the stake in Globe Fintech Innovations Inc., or Mynt, the firm that manages GCash. Conglomerate Ayala Corp., parent of Globe, will also increase its investment in Mynt by buying an additional 8% interest, boosting its stake to about 13%.

Japan’s largest lender has been exploring opportunities to invest ...