Market summary
Total value of deals in August 2024 reached USD816.5m.
Most of the deal value came for 2 deals – a c. USD600m equity investment by Actis for 40% of the Philippines’ Terra Solar project, and the c. USD210m deal between a Japanese joint venture and Metro Pacific Investments Corp. (MPIC) which included the acquisition of 6.6% of share of Metro Pacific Tollways Corp. (MPTC).
*Aggregate Deal Values = c. USD816.5m
This month’s top deals
Telecommunications and media
Macquarie : Capital and partners complete transaction to create one of the Philippines’ largest independent tower companies
Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, today announced that PhilTower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) have completed a transaction that creates one of the largest independent telecommunications towers companies in the Philippines.
This new entity is owned by a consortium of reputable global and local investors including Macquarie Capital, Stonepeak, Manila Electric Company (Meralco) and Global Network Inc.
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Energy & Utilities
Actis to invest USD600 million for 40% stake in Philippines’ Terra Solar project
British investment firm Actis has signed a strategic partnership with Meralco Powergen Corporation (MGen) and its subsidiary Solar Philippines New Energy Corporation (SPNEC) to invest USD600 million in the Philippines’ Terra Solar project.
Under the agreement, Actis will acquire a 40% equity stake in the project through the issuance of new shares by SPNEC.
Article link:
Actis to invest USD600 million for 40% stake in Philippines’ Terra Solar project
Real Estate
How Ayala Land, Inc. is leading the green revolution
Ayala Land acquired a commercial property in Quezon City as part of its ongoing strategy to expand its presence in Metro Manila's growing business districts. The acquisition is a strategic move to develop more mixed-use communities, integrating residential, office, and retail spaces in one location. The specific financial terms were not publicly disclosed; however, the development aligns with Ayala’s broader investment focus on sustainable and green projects across Metro Manila.
Article link:
How Ayala Land, Inc. is leading the green revolution
Infrastructure
SM Prime, Guun of Japan sign joint venture on material recovery facility
SM Prime Holdings Inc. teamed up with Guun Co. Ltd of Japan to actively participate in developing infrastructure for systematic waste management and resource recovery, following the best practices of the north Asian nation.
The joint venture aims to reduce the landfill impact from both SM Prime and non-SM Prime managed properties, complementing the material recovery facility operations of the Local Government Units (LGUs). SM Prime holds 70 percent of the equity in the Philippine joint venture company.
Article link:
SM Prime, Guun of Japan sign joint venture on material recovery facility
Holcim to invest USD6.5m million in La Union cement plant
Transportation and Logistics
Japan firm taking 6.6 percent stake in MPTC for USD210 million
A Japanese joint venture is set to take a 6.6% stake in Metro Pacific Tollways Corp. (MPTC) as part of a USD210 million deal with conglomerate Metro Pacific Investments Corp. (MPIC).
MPIC last week entered into a framework agreement with Mit-Pacific, a joint venture between Mitsui & Co. Ltd. and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development, for a proposed share buyback and issuance of exchangeable bond.
Article link:
Japan firm taking 6.6 percent stake in MPTC for USD210 million
Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.
*USD 1.00 = PHP57.00 as of 09/10/2024
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