The P1.28 billion transaction received clearance ahead of the regulator’s Phase 1 review deadline after authorities found it unlikely to substantially lessen competition.
DoubleDragon is controlled by tycoons Tony Tan Caktiong and Edgar “Injap” Sia II, who also owns MerryMart.
The investment will give DoubleDragon a major foothold in MerryMart, a grocery and pharmacy chain operating supermarkets and convenience outlets nationwide.
DoubleDragon shares rose 2 percent to P9.18 each while MerryMart shares were unchanged at P0.375 apiece on Thursday's morning session.
The PCC reviewed possible competition concerns tied to the lease of commercial spaces and warehouse facilities used by grocery and convenience retailers.
These include assets run by DoubleDragon subsidiaries CityMall Commercial Centers, which operates shopping malls nationwide, and CentralHub Industrial Centers, which manages warehouse complexes.
Regulators assessed both upstream markets involving commercial space and warehouse supply and downstream markets involving grocery and convenience retail.
The antitrust body found that strong competitors remain active in these segments, limiting the ability of the combined businesses to restrict rivals’ access to retail space or logistics facilities.
DoubleDragon earlier said the investment in MerryMart forms part of its broader push to diversify beyond real estate into consumer retail and recurring income streams.
—Edited by Miguel R. Camus
