Razon-led Manila Water Company, Inc. (MWC) has completed its nearly P38-billion acquisition of Prime Infrastructure Inc.’s (PII) entire stake in WawaJVCo Inc.
The company informed the stock exchange on Wednesday that the closing conditions of the deal were fully met on 30 September.
MWC signed a share purchase agreement for the transaction in August, with the total consideration for PII’s shares and deposit for future stock subscription to be paid in installments.
The first payment of P6.11 billion is scheduled for 15 December, while the final installment is due on 30 January 2026, subject to adjustments based on balance sheet items from signing to closing.
Once fully integrated, the acquisition will bring the Wawa Dam system into Manila Water’s East Zone network, improving efficiency, cutting costs, and securing a long-term raw water source.
MWC President and CEO Jocot de Dios previously said the “acquisition of WawaJVCo aligns squarely with (the company’s) objective of ensuring a credible, consistent, and stable source of water for the communities (it) serves.”
WawaJVCo operates the Tayabasan Weir in Antipolo and the Upper Wawa Dam in Rodriguez, Rizal, with a combined capacity of up to 712 million liters per day (MLD).
The Tayabasan Weir has been operational since October 2022, while the Upper Wawa Dam, set to begin commercial operations in December, is expected to serve more than 700,000 households or 3.5 million Filipinos.
WawaJVCo has a 30-year Bulk Water Supply Agreement with the Metropolitan Waterworks and Sewerage System and Manila Water for 518 MLD through 2050.