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Nov

09

Billionaire Villar Joins Homes, Mall Units in $698 Million Deal

By Tony Seruga

Vista to buy 88.25% of Starmalls, tender for rest of shares
He wants to build self-contained projects in the Philippines

Vista Land & Lifescapes Inc. will buy Starmalls Inc. in a 33 billion peso ($698 million) deal that combines the residential and shopping mall units of Philippine billionaire Manuel Villar.

Manila-based Vista Land said it agreed to buy 88.25 percent of Starmalls at 4.51 pesos a share from Villar and his family, according to a disclosure to the Philippine stock exchange Tuesday. That is a 45 percent discount to Starmalls’ last traded price of 8.18 pesos. Vista Land will issue 4.57 billion new shares to the Villar group at 7.15 pesos each, according to the filing…

Billionaire Villar Joins Homes, Mall Units in $698 Million Deal

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