In a surprise turn in the water sector’s deal chatter, the Lucio Co Group’s Crystal Bridges Holding Corp. has struck an agreement to fully acquire Manuel Villar-owned PrimeWater Infrastructure Corp., sidelining earlier market speculation that Pangilinan-led Maynilad Water Services Inc. was in talks for the asset.

In a joint statement, the companies confirmed on Tuesday afternoon that they have entered into definitive agreements for the transaction.

Full control

Under the deal, Crystal Bridges will take full control of PrimeWater’s nationwide water and wastewater operations, including water district joint ventures, bulk water supply, and septage and wastewater management services nationwide.

The companies, however, did not disclose the value of the transaction.

Amid heightened government scrutiny of water providers, the deal consolidates PrimeWater’s distribution, wastewater, and consulting operations under the Lucio Co Group’s infrastructure platform, extending its services to local governments and real estate developers.

One of Phl’s largest private water networks

PrimeWater operates one of the country’s largest private water networks, serving more than 1.7 million households and treating over 500 million liters of water daily from deep wells and surface sources.

Its operations include water district joint ventures, bulk water supply, and wastewater management projects across the Philippines.

For the Lucio Co Group, the buyout will help boost presence in the regulated utilities sector, adding to its existing water operations through Pamana Water Corp., which serves parts of Tarlac, Pampanga, Pangasinan and Nueva Ecija.

Co is the founder of the listed retailer Puregold Price Club Inc.