YUCHENGCO-led House of Investments Inc. (HI) on Monday said that its stockholders had approved the 51 percent acquisition of Sun Life Grepa Financial Inc. via a share swap.

In a disclosure, HI said stockholders approved the swap deal between it and GPL Holdings, Inc. (GPLH) for the purpose of acquiring 100 percent of the common shares in the latter, which owns 51 percent of Sun Life Grepa.

Under the deal, one share of Sun Life Grepa will be swapped with 12.42 HI shares. In total, 17.85 million Sun Life Grepa shares will be swapped with 221.7 million HI shares in a deal valued at P5.035 billion.

The share swap was approved by the HI board in April.

The transaction will require the approval of both the Securities and Exchange Commission (SEC) and the Insurance Commission.

HI said the deal is expected to be completed no later than June 2024.

Sun Life Grepa is a joint venture between YGC and Sun Life Financial (Philippines), the local unit of Canada’s Sun Life Financial Inc.

In 2011, Sun Life Financial acquired 49 percent of the Yuchengco family’s insurance arm, Grepalife Financial Inc. Following the deal, Grepalife rebranded itself as Sun Life Grepa Financial.

HI shares rose by 25 centavos to P4.27 apiece on Monday.