M&A

Keppel Infrastructure and Metro Pacific acquire petroleum storage facility

The acquisition is the Philippines’ largest M&A this year and looks smart given pressures on the domestic refining sector and an expected rise in imports next year.

In what is the country’s largest MA deal this year, Keppel Infrastructure Trust KIT and Metro Pacific Investments Corporation MPIC are to acquire Philippine Coastal Storage Pipeline Corporation PCSPC, the largest petroleum products import storage facility in the Philippines, for $334 million.

The 8020 deal from the largest diversified business trust listed in Singapore and the domestic real estate and infrastructure investment holding company acquired PCSPC from the Philippine Investment Alliance for Infrastructure consortium, which is made up of state pension fund Government Service Insurance System, private equity fund Langoer Investments and asset manager Macquarie Infrastructure.

“As the largest petroleum products import storage facility...

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