Metro Pacific Tollways Corp. (MPTC) is advocating for an even 50-50 ownership split in its proposed merger with San Miguel Corporation’s (SMC) tollways business, amid reports of differing expectations between the two companies.
“We want it to be 50-50. That’s our ideal scenario,” said Arrey Perez, MPTC senior executive, in response to an online report suggesting that SMC is aiming for a 90-10 ownership distribution in its favor. Perez emphasized that while MPTC’s preference is clear, the final decision will depend on financial advisors, who are currently assessing the deal.
The merger, which was first announced in August as part of a P72-billion joint venture, involves the construction, operation, and maintenance of two major expressways— the Cavite-Batangas Expressway and the Nasugbu-Bauan Expressway—totaling 87.96 kilometers of new infrastructure south of Metro Manila.
Perez said a successful merger hinges not only on the valuation from financial advisors but also on obtaining necessary regulatory approvals. “It’s not in our hands right now,” he acknowledged, adding that MPTC is eager to finalize the deal quickly. “We want this done immediately.”
MPTC, a subsidiary of Metro Pacific Investments Corp., operates 240.6 kilometers of expressways, with additional projects under construction. Its assets include the North Luzon Expressway, Subic-Clark-Tarlac Expressway, and the Cebu-Cordova Link Expressway, among others.
SMC’s tollways division manages several key roadways, including the Skyway System, South Luzon Expressway, and Tarlac-Pangasinan-La Union Expressway, further underscoring the strategic importance of the potential merger.
Both companies are hopeful the merger will streamline operations and enhance their infrastructure development capabilities, but it remains to be seen if they can reach a consensus on ownership terms.
