Private equity firm I Squared Capital, through its Philippine affiliate, will buy Philippine Tank Storage International from Singapore’s Keppel Infrastructure Trust and Metro Pacific Investments Corp in a $296 million deal.
Hong Kong’s First Pacific said on Wednesday its Philippine affiliate, Metro Pacific, will sell its 50% stake in Philippine Coastal Storage & Pipeline Corp, which is owned by Philippine Tank Storage International, the company that runs the biggest petroleum products import storage facility in the country.
The other 50% stake in the Philippine firm is owned by Keppel’s infrastructure trust.
Keppel Infrastructure Trust, in a separate announcement, said it would sell its stake in Philippine Coastal Storage & Pipeline Corporation alongside Metro Pacific for $460 million, including debt.
The Philippine affiliate of global investor I Squared Capital is Coral Terminal Holdings Corporation.
Philippine Coastal operates the petroleum storage and pipeline facilities of the Subic Bay Naval Base and Clark Air Force Base — former U.S. military bases — according to its website.
Its 160-hectare facility includes a marine terminal, fuel storage tank farms and tank truck loading facilities.
In late August, Reuters reported that the owners of Philippine Tank Storage International were seeking to bring a strategic investor into the company.
According to the report, the deal could have been valued at up to $500 million.
Keppel Infrastructure Trust counts Singapore’s state investment company Temasek [RIC:RIC:TEM.UL] as its biggest shareholder, while Manila-listed MPIC is majority-owned by First Pacific Co’s 0142.HK Metro Pacific Holdings Inc, data from LSEG showed.
I Squared is an independent global infrastructure investment manager with over $40 billion in assets under management.
Reuters
