According to a report by InsiderPH, Ayala Corp. [AC 717.50, down 1.7%; 30% avgVol] is selling half of its stake in AC Ventures (ACV) to Mitsubishi for P18 billion, in a deal that values GCash at approximately P288 billion (~$5 billion). ACV owns a stake in Globe Fintech Solutions (Mynt), which in turn owns GCash. This deal is apparently a continuation of the July transaction where MUFG acquired an 8% stake in Mynt for $393 million; it was conducted on the same valuation terms. According to InsiderPH, Ayala will use the proceeds of the sale to “retire loans it took to finance AC Ventures’ stake that matched MUFG’s entry in GCash last July.”