Ayala completes acquisition of GFG’s stake in Zalora Philippines

Tomas S. Noda III, writing for Deal Street Asia;

Philippine conglomerate Ayala Corp has completed its acquisition of Global Fashion Group’s (GFG) 49 per cent stake in online fashion portal Zalora Philippines.

Ayala and GFG announced the transfer of the ownership on Thursday, August 31, following a strategic partnership agreement signed by both firms last February.

Financial details of the deal are undisclosed.