MPTC eyes equal merger with SMC

MVP Group’s infra unit Metro Pacific Tollways Corp. (MPTC) is open to leveraging its international assets to push for equal ownership in its proposed toll road assets merger with San Miguel Corp. (SMC).

“For us, the 50-50 split is a very ideal scenario. It’s a balancing act. Our preference from our side is 50-50. It’s something that we cannot speculate about because for these kinds of mergers, we have financial advisors and we’re in that stage where they’re studying,” MPTC senior executive and incoming president Arrey A. Perez said in an interview with reporters.

“Whatever it takes to make that happen, the 50-50 — if we’re going to include the international assets, we will include,” he added.

MPTC’s overseas investments include holdings in Indonesia’s PT Nusantara Infrastructure and Vietnam’s CII Bridges and Roads Investments operated by its subsidiary, Metro Pacific Tollways Asia.

Timeline unclear

While Perez reiterated the goal of finalizing the merger swiftly, he acknowledged the complexities involved in valuing massive assets and securing regulatory approvals. Despite advancing talks, Perez admitted that finalizing the deal by year-end remains unlikely.

“These things take time. These are huge assets. When you do a merger, you have to set your house in order. It’s not in our hands because the ball is still with our financial advisors. And of course, there are regulatory approvals that we need to secure,” he noted.

The merger, first announced in November 2023, holds strategic significance for both entities, which operate some of the country’s most profitable tollway ventures.

MPTC operates major tollways such as the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway (CALAX) and Cebu-Cordova Link Expressway.

Meanwhile, SMC manages the South Luzon Expressway, Skyway, Tarlac-Pangasinan-La Union Expressway, and the NAIA Expressway.