Latham & Watkins and Romulo Mabanta Buenaventura Sayoc & de los Angeles are advising I Squared Capital on its $460 million acquisition of Philippine Coastal Storage & Pipeline Corp (PCSPC) from Keppel Infrastructure Trust and Metro Pacific Investments Corporation (MPIC). Milbank is representing MPIC.

The transaction, which includes $181 million in net debt, will see I Squared Capital indirectly acquire 100 percent of PCSPC, the largest independent import terminal in the Philippines. The deal also includes potential additional contingent payments of up to $50 million.

PCSPC, located in the Subic Bay Freeport Zone, serves the Luzon Economic Corridor and accounts for over 20 percent of the country's import storage capacity with its 6.3-million-barrel facility.

The acquisition is subject to 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 making the purchase through its Philippine affiliate, Coral Terminal Holdings Corporation.

MPIC is one of the largest infrastructure investment management and holding companies in the Philippines, with investments in the country’s largest electricity distributor, toll road operator, water, distributor and light rail operation, as well as investments in healthcare, real estate and agribusiness. 

The Latham & Watkins team 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.

The Milbank team included partners Andrew Whan and James Grandolfo, and associates Ari Singzon and Matthew Leung.