Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) have finalized the sale of their entire indirect stake in Philippine Coastal Storage & Pipeline Corporation (PCSPC) to affiliates of I Squared Capital. The transaction, valued at an aggregate enterprise value of USD460 million, was advised by Standard Chartered as the sole financial advisor.
The deal includes USD181 million of net debt and excludes potential additional contingent payments of up to USD50 million, contingent on certain performance milestones being met within three years post-transaction. PCSPC is recognized as the largest independent petroleum product import terminal in the Philippines and is strategically situated in the Subic Bay Freeport Zone.
This divestment aligns with KIT's strategy to focus on lower carbon energy transition segments, allowing it to enhance its balance sheet and pursue other growth initiatives. Wan Thonh Chow, Head of Coverage for Singapore and ASEAN at Standard Chartered, remarked: “This milestone transaction reflects our commitment to working with our clients on their energy transition initiatives and represents our long-standing support for the Keppel Group through multiple advisory and corporate financing engagements.”
Rajesh Singhi, Global Head of Diversified Industries M&A at Standard Chartered, commented: “Standard Chartered is delighted to have worked with KIT on this landmark M&A transaction. We are pleased to have leveraged our infrastructure and energy sector expertise as well as M&A advisory experience to achieve a successful outcome for KIT.”
Standard Chartered provides global M&A advisory services across various regions including Africa, Australia, Europe, Middle East, America, North Asia, South Asia, and Southeast Asia. The bank has a proven track record in both emerging and developed markets.
For further information please contact Alvina Neo or Phyllis Goh at Standard Chartered.