SAN Miguel Corp. (SMC) and Metro Pacific Investments Corp. (MPIC) are still in discussions over a possible merger of their respective tollway businesses and no definitive agreement has been signed, Ramon Ang-led SMC said Monday.
The two conglomerates have been in talks since November 2024 about a possible merger of their tollway businesses in a bid to consolidate their respective major domestic infrastructure assets.
In a disclosure, San Miguel said the talks involved its infrastructure unit, San Miguel Holdings Corp. (SMHC) and MPIC subsidiary Metro Pacific Tollways Corp. (MPTC).
“By way of response to the exchange, we advise that discussions are ongoing,” San Miguel said.
It added that “appropriate disclosure shall be made upon the execution of the definitive agreements containing the relevant terms and conditions of the joint venture.”
The clarification followed reports saying that SMC and MPIC were in valuation discussions on a proposed tollway “mega entity” and that the talks included an indicative ownership structure.
Negotiations for a possible merger were stalled early last year when MPTC changed gears and focused on raising funds to pay down its debt.
MPTC operates the North Luzon Expressway, NLEx Connector, Subic-Clark-Tarlac Expressway, Cavite Expressway, Cavite-Laguna Expressway and Cebu-Cordova Link Expressway, along with toll investments in Vietnam and Indonesia.
SMCH, the official infrastructure arm of SMC and the holding company for its sprawling expressway portfolio, operates the Skyway System, NAIA Expressway, South Luzon Expressway, Southern Tagalog Arterial Road and the Tarlac-Pangasinan-La Union Expressway.
No timeline has been set for the completion of the deal pending agreement on terms and regulatory approvals.
San Miguel shares on Monday rose P2.25, or 3.33 percent, to close at P69.75 each.
