Mitsubishi Corporation has agreed to buy a 50% stake in the Philippines-based AC Ventures Holdings Corp. (not to be confused with the Indonesia-based VC firm AC Ventures) for 18.4 billion pesos or around US$318 million.

Ayala Corp., owner of AC Ventures, revealed that AC Ventures holds a 13% stake in Globe Fintech Innovations Inc., the operator of GCash.

Mitsubishi and Ayala also plan to sign a memorandum of understanding to explore joint opportunities in various sectors, including property, energy, water, and auto dealerships.

This initiative extends their existing collaboration in the Philippines.

InsiderPH reports that AC Ventures will issue primary shares to Mitsubishi, giving it an indirect 6.5% stake in GCash.

Part of the deal’s proceeds will aid Ayala in repaying a loan for its earlier investment in GCash.