Crystal Bridges Holding Corp., part of the Lucio Co Group, has fully acquired Villar-owned PrimeWater Infrastructure Corp., a move that ends market speculation that Maynilad Water Services, Inc. was pursuing the asset.

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

Under the deal, Crystal Bridges will assume full control of PrimeWater’s nationwide water and wastewater operations, including water district joint ventures, bulk water supply, and septage and wastewater management services. The companies did not disclose the transaction’s value.

The acquisition 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.

PrimeWater operates one of the country’s largest private water networks, serving over 1.7 million households and treating more than 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 acquisition expands its presence in the regulated utilities sector, complementing existing water operations through Pamana Water Corp., which serves parts of Tarlac, Pampanga, Pangasinan, and Nueva Ecija. Lucio Co is also the founder of listed retailer Puregold Price Club Inc.