The son-in-law of the late Philippine strongman Ferdinand Marcos is taking over the beleaguered gaming technology provider PhilWeb Corp. like a knight in shining armor.

Gregorio Araneta has agreed to acquire resigned PhilWeb chairman Roberto Ongpin’s 53.76 percent stake comprising of 771,651,896 shares in PhilWeb, according to a disclosure to the Philippine Stock Exchange. The acquisition of the entire shares of Ongpin has a tag price of PHP2.01 billion (US$41.56 million) or PHP2.60 (US$0.0539) per share and will be done in two tranches.

Pursuant to the sale and purchase agreement, Ongpin w ill first complete the disposal of 653,151,896 shares in favor of Gregorio Araneta through a special block sale pending approval by the bourse.

Ongpin will transfer the remaining 118,500,000 shares upon their registration with the PSE. This tranche comprises partially paid shares, which have been fully settled but remained unregistered with the bourse.