SyCip Salazar Hernandez & Gatmaitan (SyCipLaw), Milbank, Latham & Watkins, Romulo and Allen & Gledhill have acted on I Squared Capital’s acquisition of Philippine Coastal Storage & Pipeline Corporation (PCSPC), the Philippines’ largest independent import terminal.
“It is an extremely accessible supply and distribution hub to large economic and growth areas (Metro Manila, North Luzon and Central Luzon), and is able to accommodate a range of vessels and industrial customers. PCSPC’s tax incentives, strong customer base, potential for significant growth and locational advantages make it attractive to investors such as I Squared Capital,” Roshni Balani, partner at SyCipLaw, told Asia Business Law Journal.
The agreement is to acquire PCSPC from Metro Pacific Investments Corporation (MPIC) and Keppel Infrastructure Trust (KIT) with an enterprise value estimated at USD460 million, including USD181 million in net debt. The deal is structured to include contingent payments of up to USD50 million.
Balani and the SyCipLaw team, led by partner Arlene Maneja, advised MPIC and KIT on regulatory and tax matters. Other partners involved are Leslie Dy, Carina Laforteza, Russel Rodriguez, Bhong Paulo Macasaet and Maria Christina Ortua-Ang.
Milbank also represented MPIC with partners Andrew Whan and James Grandolfo, and associates Ari Singzon and Matthew Leung.
With a capacity of 6.3 million barrels, PCSPC houses more than 20% of the Philippines’ import storage capacity. For Balani, this agreement “signals the growing momentum in the energy and infrastructure market and highlights the significant opportunities emerging within these sectors.”
I Squared’s international counsel was provided by Latham & Watkins , while Romulo acted as the Singapore and Philippines counsel. Latham & Watkins corporate partner James Clayton-Payne led the team, which included finance partner Andrew Bishop, tax partner Helen Lethaby, antitrust partner Lucca Crocco, as well as partners Mandy Wong, Christopher Frey, Dean Baxtresser and Simon Hawkins.
A source with knowledge of the deal said Allen & Gledhill also assisted KIT in this transaction. The firm did not respond to requests for comment.
