THE merger of Metro Pacific Investments Corp. and San Miguel Corp.’s tollway businesses is on track to be finalized in the third quarter of 2026, Metro Pacific’s principal said.
“We are in the valuation stage,” Manuel V. Pangilinan, chairman of both Metro Pacific and Metro Pacific Tollways Corp. (MPTC), told reporters.
“But we know we’ll really land 45-55 in their favor. We know that that’s where we will land. I’m sure San Miguel will flex to arrive at that,” he added.
San Miguel officials were not immediately available for comment.
“I hope the deal will be completed by the third quarter,” Pangilinan said.
He also said that MPTC’s Indonesian operations would be excluded from the valuation of its tollway business.
In March last year, Pangilinan said that MPTC had put toll road merger talks with SMC on hold due to ongoing efforts to secure funds for debt repayment.
The consolidation of Metro Pacific and San Miguel’s toll road portfolios is expected to create the country’s largest infrastructure giant, merging major expressways such as the North Luzon Expressway, Subic-Clark-Tarlac Expressway, South Luzon Expressway and the Skyway network under a unified operating framework.
The toll unit of MPIC and San Miguel signed in August 2024 a P72-billion deal to construct two expressways south of Metro Manila.
Under the memorandum of agreement, MPTC and SMC will jointly undertake the construction, operation and maintenance of the 87.96-kilometer Cavite-Batangas Expressway and Nasugbu-Bauan Expressway.
On Thursday, shares of San Miguel rose P0.20, or 0.30 percent, to close at P67.50 each, outperforming the broader market, with the benchmark Philippine Stock Exchange index ending down 0.53 percent.
