Mitsui acquires 5.6% stake in Philippines' Metro Pacific in buyout

Infrastructure group to go private after consortium-led tender offer

Metro Pacific Investments Corp. is one of the largest infrastructure groups in the Philippines. (Photo courtesy of Metro Pacific Investments)

KEIGO YOSHIDA, Nikkei staff writer

September 21, 2023 00:34 JST

TOKYO -- Japanese trading house Mitsui & Co. said Wednesday it has purchased a 21.9 billion-yen ($148 million) stake in Philippine infrastructure giant Metro Pacific Investments Corp. (MPIC), as part of a buyout by a consortium.

A consortium spearheaded by MPIC Chief Executive Manuel Pangilinan on Tuesday completed the tender offer for a total of 28.4 billion pesos ($501 million). Mitsui acquired a 5.6% stake.