Philippine conglomerate Ayala Corp is in talks with investors to sell a stake in its energy unit ACEN, according to five sources familiar with the situation.

Jefferies is running the process, four of the sources said.

Interested parties include Japanese strategics and Canadian pension funds, two of the sources said. A European pension fund is also considering the deal, one of the sources said.

Talks have been ongoing for several months, one of the sources said, while another source said the process is entering the second round of bids.

While the stake size is yet to be finalised, the introduction of a new investor could possibly trigger a public tender offer to minority shareholders given domestic regulations, according to one of the sources. This could eventually lead to a take-private deal, the sources said.

Under the Philippine rules, if a buyer is acquiring at least 35% of the outstanding voting shares, then it is required to make a tender offer for all outstanding voting shares.

According to a local report citing the CEO, ACEN is also considering a PHP 30bn (USD 509m) stock rights offering in 2H26.

Ayala, which owns 58.23% of ACEN through its entity AC Energy and Infrastructure Corporation, initiated the deal to cash out from its investment, one of the sources said.

This is in line with the conglomerate’s asset recycling program that it announced two years ago. It has been considering selling some of its investments, according to a 2024 Mergermarket report that cited the CEO.

ACEN grew from a 1 GW thermal portfolio five years ago to 7 GW in renewables today, having invested PHP 48bn (USD 803m) in the latter, its website shows.

Formerly AC Energy, PHP 105.47bn-market cap ACEN accounts for 35% of the Philippines’ clean energy capacity. Its portfolio also spans India, Australia, Vietnam, the US, Lao PDR, Indonesia, and Malaysia, as disclosed.

As of 9 March, ACEN had 4.3 GW of operating power plants and 2.7 GW under construction.

Solar accounts for 66% of its portfolio and wind 28%, while geothermal and batteries contribute the remaining 7% combined, according to its latest results.

For FY25, ACEN reported net income after tax of PHP 3.8bn on revenue of PHP 32bn, its latest results show. Total asset value stands at PHP 329.5bn, according to its website.

As of 31 December 2025, ACEN was held 10.46% by GIC, the public float, and company directors combined, the website shows. Singapore’s sovereign wealth fund GIC eventually targets achieving a 17.5% stake in total.

ACEN’s share price on Tuesday was trading at PHP 2.55, 12.37% down year-to-date.

Jefferies and Ayala declined to comment. ACEN had not responded to a request for comment as of publication.

Take-privates in the Philippines have been few and far between, with only five announced deals since Dealogic records began in 1995. That said, the landscape looks set to change with two deals already announced so far this year.