MPIC buying assets, businesses of Ace Logistics in P280-M deal
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MANILA - Metro Pacific Investments Corp. has agreed to buy some assets and businesses of Ace Logistics Incorporated in a deal worth P280 million.
The transaction, which will be carried out by MPIC unit Premier Logistics Inc., is expected to be completed next month.
Conditions attached to the sale include the transfer of key officials, an initial payment at the transaction's close, and Ace taking a 10% interest in Premier.
MPIC last year announced it would be diversifying into logistics: buying four companies for P2.17 billion after its board decided there was "merit in expanding into" the "non-regulated infrastructure business".
MPIC chairman Manny Pangilinan says the acquisition will complement the operations of subsidiaries such as PLDT, Meralco and Maynilad Water Services Inc.
"We want to build up a significant substantial logisitics group. We started late last year when we invested in Basic Logistics so this is the next investment for us. There could be further logistics for us here because I think it's a basic need of a country to have logistics infrastructure because the cost of moving goods between Manila and, for example, Mindanao, is more expensive [than] moving here to Europe," said Pangilinan.
He said "there will be offshore goods that we can facilitate but basically" they will be moving domestic goods.
The MVP group, he pointed out, moves quite a bit of goods and equipment in the country, so "this will help the group as well" in terms of how it operates PLDT, Meralco and, to some extent, Maynilad. "We want to be major pillars of Metro Pacific moving forward."