BIZ BUZZ: SMC-MPTC merger on again?

After years of discussions and even being shelved at one point, the planned merger between San Miguel Corp. (SMC) and Metro Pacific Tollways Corp. (MPTC) may finally be completed this year, possibly as early as the third quarter.

This came after MPTC chair and chief executive officer Manuel V. Pangilinan said the deal, which both parties began negotiating in 2023, remained on track.

“Tuloy ‘yon, (It will push through), ” Pangilinan said on the sidelines of PLDT Inc.’s shareholders’ meeting.

This merger would create a toll road giant by combining SMC’s portfolio—including the Tarlac-Pangasinan-La Union Expressway, South Luzon Expressway, Southern Tagalog Arterial Road, and Skyway Stages 1, 2 and 3—with MPTC’s network, which includes the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, Cebu-Cordova Link Expressway and the NLEX Connector.

No longer part of the transaction, however, are MPTC’s overseas toll road assets in Indonesia, which it operates through a 92.8-percent stake in PT Nusantara Infrastructure.

MPTC also has toll road interests in Vietnam through CII Bridges & Roads of Vietnam and has expressed plans to expand into Malaysia.

Pangilinan, however, said the proposed merger with SMC would cover only Philippine toll road assets.

See Also

BIZ BUZZ: Surprise guest at Marketplace

While negotiations remain at the valuation stage, Pangilinan said the ownership structure under discussion would give SMC a 55-percent stake and MPTC the remaining 45 percent.

******

Get real-time news updates: inqnews.net/inqviber