Latham & Watkins and Romulo Mabanta Advised I Squared Capital On $460 Million Philippine Storage Acquisition

Latham & Watkins and Romulo Mabanta Advised I Squared Capital on $460 Million Philippine Storage Acquisition

Latham & Watkins and Romulo Mabanta Buenaventura Sayoc & de los Angeles Advised I Squared Capital on Its Acquisition of Philippine Coastal Storage & Pipeline Corp (PCSPC) for $460 Million from Keppel Infrastructure Trust and Metro Pacific Investments Corporation.

This Transaction, Which Includes $181 Million in Net Debt, Allows I Squared Capital to Indirectly Acquire 100 Percent of PCSPC, the Largest Independent Import Terminal in the Philippines. The Deal Also Has Potential Additional Contingent Payments of Up to $50 Million.

Located in the Subic Bay Freeport Zone, PCSPC Serves the Luzon Economic Corridor and Is Responsible for Over 20 Percent of the Country's Import Storage Capacity, Featuring a Facility With a Capacity of 6.3 Million Barrels.The Acquisition Is Contingent Upon Various Conditions, Including Approval From the Philippine Competition Commission.

I Squared Capital, a Global Infrastructure Investment Manager With Over $40 Billion in Assets Under Management, Is Executing the Purchase Through Its Philippine Affiliate, Coral Terminal Holdings Corporation.

The Latham & Watkins Team Advising on the Transaction was Led by Singapore Corporate Partner James Clayton-Payne, With Counsel Penelope Davey and Associates Chong Shi Cheng and Cherine Teh. Additional Support Was Provided by Partners Andrew Bishop, Don Stokes, Helen Lethaby, Lucca Crocco, Mandy Wong, Christopher Frey, Dean Baxtresser, and Simon Hawkins, Along With Counsel Lynsey Edgar and Ruonan Duan, and Various Associates Across Offices.