metro-pacific-buys-philippines-toll-road

Metro Pacific buys Philippines toll road

The Philippine conglomerate pays $278 million for a controlling interest in the country's longest toll road, the North Luzon Expressway.

Sameera Anand

August 08, 2008

Philippines conglomerate Metro Pacific Investments will buy a controlling interest in the countryÆs longest toll road, the North Luzon Expressway, for Ps12.2 billion $278 million in what will be the first toll road MA in the Philippines.

The North Luzon Expressway is one of two major toll roads in the Philippines and the only one that is profitable, say sources close to the deal.

Metro Pacific will acquire First Philippine Holdings Infrastructure FPHI, which owns a 67.1% stake in Manila North Tollways, the holder of the concession rights to the 83.7km expressway. FPHI also owns 46% of Tollways Management, which operates and manages the road.

Lopez group holding company First Philippine Holdings, and...

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