Udenna Development Corporation (Udenna) agreed to acquire Philippine H2O Ventures Corp. (PSE:H2O) (H2O) from a group of shareholders for approximately PHP 650 million on December 19, 2017. Udenna Development Corporation executed a detailed sale and purchase agreement to acquire 62.006% stake in Philippine H2O Ventures Corp. (PSE:H2O) from a group of shareholders for approximately PHP 650 million on February 28, 2018. As per terms, Udenna Development Corporation will acquire 150.8 million shares. The group of shareholders will also receive 62.006% of the remaining cash assets of H2O on Closing Date. A total of PHP 20 million will be paid as deposit at the time of signing of the agreement. UDEVCO is obliged to obtain from the SEC an order of exemptive relief allowing it to launch, implement, and consummate after closing, a tender offer for all the issued and outstanding capital stock of H2O to persons other than the group of shareholders. In the event that such Exemptive Relief is not obtained by March 30, 2018, the closing date shall be extended by a period of 30 days, and UDEVCO is required to complete the conduct of the Tender Offer prior to Closing. The transaction is conditional upon H2O shall completing a spin-off by selling all of its existing business and assets, including shares and interests in Calapan Waterworks Corporation and all other interests in other corporations and approvals from Government authorities. The transaction has been approved by the Board of Jolliville Holdings Corporation (PSE:JOH). Deal is expected to close by April 6, 2018, or on such other later date as shall be mutually agreed upon by the parties in writing, but in no event later than June 30, 2018. Udenna Development Corporation (Udenna) completed the acquisition of 62.006% stake in Philippine H2O Ventures Corp. (PSE:H2O) (H2O) from a group of shareholders on June 1, 2018.