MANILA - SM Investment Corp said Friday 2GO Group Inc would become a subsidiary following an additional acquisition of the majority of outstanding common stock.

The Board of Directors approved the acquisition of common shares that will increase the current shareholding in 2GO to "majority of the outstanding voting capital stock of 2GO" from just 30.49 percent at P8.50 per share, SMIC said in a disclosure to the stock exchange.

The deal will make 2GO "a subsidiary of SMIC," the Sy-led group said.

In a separate disclosure, Chelsea Logistics and Infrastructure Holdings Inc said it signed a deal to sell its "entire effect interest" of around 31.73 percent in 2GO.

SMIC said it also authorized the conduct of a mandatory tender offer to all remaining stockholders of 2GO at the same offer price of P8.50 per share.

A tender offer report will be submitted to the Securities and Exchange Commission on or before March 22, it said.

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Logistics firm 2Go is a "natural fit" in the "robust" SM ecosystem, SM Investments President and CEO Frederic DyBuncio earlier said.

In April last year, 2GO made a deal with the government to turn 2 of its shipping vessels into "quarantine ships" to help increase isolation capacity of the country.