MANILA, Philippines – The Ang-Hortaleza Corporation and Indian company Wipro Consumer Care signed a share purchase agreement for the sale of 100% of the former's stake in the personal care business of Splash Corporation, the companies announced on Monday, April 29.
The two parties did not disclose how much the deal was worth. Splash is among the largest personal care players in the Philippines with revenues amounting to about $80 million.
The Philippine Competition Commission (PCC) earlier said it green-lit the business deal last March.
"After the acquisition, Wipro Enterprises Private Limited, through a wholly owned subsidiary, will own the domestic and international retail personal care business of Splash Corporation which will include the related inventories, plant, property and equipment, intangible assets such as patents and trademarks, as well as its foreign subsidiaries," the PCC said.
Meanwhile, Wipro's estimated worth is a whopping $8.4 billion. It has various business interests, ranging from consumer care, infrastructure engineering, medical systems, and information technology, to consulting and business process services.
The 11th acquisition of Wipro places the company's consumer care portfolio in a good position in the Southeast Asian market.
"This is an exciting milestone for us, given our vision of being amongst the top 3 players in personal care in Asia. This transaction gives us a market leading position in the Philippine market, which is one of the strong economies in the region and a formidable personal care market," said Nagender Arya, regional director of Wipro Consumer Care.
Rolando Hortaleza, chief executive officer (CEO) and founder of Splash, said the buyout gives "immediate access to resources" which will fuel faster growth.
Hortaleza will remain as an advisor on marketing and overall transition of the business.
What can loyal Splash customers expect after the deal?
Neeraj Khatri, incoming CEO of Splash, said the current brands Filipino consumers have grown to love will be expanded to international markets where Wipro has a strong footprint.
"These brands are not only strong in the Philippines, but also have strong equity in multiple international markets like Indonesia, Vietnam, Hong Kong, Middle East, and Nigeria," Khatri said.