Milbank LLP represented long-time client Metro Pacific Investments Corporation (MPIC) in its agreement to sell its indirect stake in Philippine Coastal Storage & Pipeline Corporation (PCSPC), together with Singapore-listed Keppel Infrastructure Trust who is also selling its indirect stake in PCSPC, to an affiliate of global infrastructure investor I Squared Capital (ISQ). PCSPC is the largest jet fuel, petroleum and sustainable fuels import terminal in the Philippines.
The agreed purchase price is approximately US$296 million subject to adjustments including a possible earn-out payment of up to US$50 million upon the achievement of certain performance milestones.
MPIC is one of the largest infrastructure investment management and holding companies in the Philippines, with investments in the country’s largest electricity distributor, toll road operator, water, distributor and light rail operation, as well as investments in healthcare, real estate and agribusiness. It will use its proceeds to fuel the continued development of its core businesses, further reinforcing its position across key sectors of the Philippine economy and creating long-term value for its stakeholders through responsible and sustainable investments.
The Milbank team in Hong Kong included partners Andrew Whan and James Grandolfo, and associates Ari Singzon and Matthew Leung.
