Commission Decision No. 18-M-015/2020:
Proposed Acquisition by GT Capital Auto Dealership Holdings, Inc. and Toyota Corolla
Sapporo Philippines Holdings, Inc. of Shares in Toyota Santa Rosa, Laguna, Inc.
The proposed transaction involves the 100% stake purchase by GT Capital Auto Dealership Holdings, Inc. (GT Auto) and Toyota Corolla Sapporo Holdings, Inc. (Toyota Sapporo) of Toyota Motor Philippines Corporation’s (TMP) in Toyota Santa Rosa, Laguna, Inc. (TSR) composed of 5 million common shares with par value of Php100.00) per share (Sale Shares). TMP will sell and transfer to GT Auto 60% of the Sale Shares equivalent to 3 million Sale Shares, and to TCSPHI 40% of the Sale Shares equivalent to 2 million Sale Shares.
Acquiring party GT Auto is a subsidiary of Grand Titan Capital Holdings Inc. (Grand Titan), which is engaged in the businesses of banking, financing, Toyota manufacturing and importing, and dealerships. Grand Titan’s stake is also already present in the acquired entity, TSR. The Laguna-based dealership is 100% owned by Toyota Motor Philippines, itself is a joint venture of Grand Titan, Toyota Motor Corporation of Japan, and Mitsui & Co.
The merger review looks into the entry of co-acquirer Toyota Corolla Sapporo Holdings Inc., a subsidiary of Toyota Corolla Sapporo Corporation Ltd., a Japan-based corporation engaged in new and used vehicle retail sales, insurance, vehicle repair, and servicing.
Following the transaction, TSR shall be 60% owned by GT Auto and 40% owned by Toyota Sapporo.