Xurpas Inc. (PSE:X) has signed a Memorandum of agreement to acquire Wavemaker Partners US for approximately Php 170 million on November 6, 2019. Under the terms of agreement Xurpas Inc. will acquire 0.1 million shares at Php 1,706.07 per share. In return, the Los Angeles-based early-stage venture capital firm Wavemaker shall subscribe to 1.7 billion shares, representing 48% of Xurpas. The transaction is pending satisfaction of certain conditions and securing shareholder approvals. Approval of Board of Directors of Xurpas Inc. is subject to the approval of due diligence and shareholders` approval. The parties will execute the Memorandum of Agreement (MOA) immediately and the definitive agreements within 120 days thereafter, provided that the closing conditions have been met. The parties will execute the MOA. Once the MOA has been signed, the parties will need to comply with the following conditions: Wavemaker Partners US to create the holding company that will consolidate all of their rights, title and interests in the management companies, Wavemaker Partners US to secure all necessary approvals to implement the transaction; and Xurpas' completion of its legal and financial due diligence on Wavemaker Partners US. The deal is targeted for completion by the first quarter of 2020. As of September 20, 2020, Wavemaker US will appoint Eric Manlunas and Buck Jordan to the Xurpas board after closing and Board of Directors approved the transaction. The transaction is expected to be completed by the fourth quarter of 2020. Stephen Sieh of Primeiro Partners acted as exclusive financial advisor of Xurpas in the transaction. Xurpas Inc. (PSE:X) cancelled the acquisition of Wavemaker Partners US from Frederick Manlunas, Benjamin Paul Bustamante Santos and James Buckly Jordanon November 6, 2020. Wavemaker is owned by the following: 67% by Frederick Manlunas, 23% by James Buckly Jordan, and 10% by Benjamin Paul Bustamante Santos.