Metro Pacific buys Philippines toll road

The Philippine conglomerate pays $278 million for a controlling interest in the country's longest toll road, the North Luzon Expressway.

Philippines conglomerate Metro Pacific Investments will buy a controlling interest in the countryÆs longest toll road, the North Luzon Expressway, for Ps12.2 billion $278 million in what will be the first toll road MA in the Philippines.

The North Luzon Expressway is one of two major toll roads in the Philippines and the only one that is profitable, say sources close to the deal.

Metro Pacific will acquire First Philippine Holdings Infrastructure FPHI, which owns a 67.1% stake...

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