Tollways merger still on for 2026

The mammoth merger between the country’s two largest toll operators may still push through this year despite only two months remaining, as the two groups are already crunching the numbers before sealing a deal.

This is according to Manuel V. Pangilinan, who leads Metro Pacific Tollways Corp. (MPTC), whose toll road assets are expected to be combined with those of Ramon Ang-led San Miguel Corp. (SMC) under a proposed 55:45 ownership arrangement.

With valuations from both sides already submitted, Pangilinan expressed hope that a deal could finally be signed before yearend, paving the way toward moving on to the regulatory process.

“My understanding is that we are nearing … we’re in the valuation phase of each of the San Miguel Tollways and our tollways,” Pangilinan told reporters on the sidelines of Manila Electric Co.’s third-quarter briefing.

“I think the numbers have been submitted, and there will have to be some conversation as to what the values are for both sides,” he added. “I hope we can sign an agreement with San Miguel this year, by the end of this year, because we have to go through the regulatory and government approvals.”

Once completed, the long-delayed merger would create a tollway giant combining SMC’s assets—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.

The latter includes the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, Cebu-Cordova Link Expressway and NLEx Connector.

Pangilinan earlier said the merger would exclude MPTC’s international assets, including its expressways in Indonesia.

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Even if an agreement is signed this year, Pangilinan said an initial public offering of the combined tollway business would not immediately follow.

“You have to wait for a while. Even if, let’s say, the merger does happen sometime next year, you have to wait for it to settle down because these are two different companies,” Pangilinan said.

More concrete, however, are the potential stock market debut of two businesses under telecommunications giant PLDT: digital bank Maya and data center operator Vitro.

Pangilinan said the plan for Maya remains a dual listing, with a US debut on the Nasdaq potentially coming ahead of a Philippine stock market listing.