AYALA Corp. and the Yuchengco Group of Companies (YGC) have signed an P15.5-billion agreement to merge the educational institutions under the former’s AC Education Inc. and the latter’s iPeople Inc., which include Mapua University.

In separate disclosures on Monday, Ayala Corp. and YGC said iPeople would be the surviving entity in the merger, which would be subject to regulatory and shareholders’ approvals.

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