MPTC-SMC tollway merger reaches valuation stage, according to Manny Pangilinan

The planned merger of tollway giants led by tycoons Manuel V. Pangilinan and Ramon S. Ang is moving closer to fruition.

In a chance interview, Pangilinan told reporters that the discussions on the merger between Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) Tollways are in the “valuation” stage.

“Tuloy ‘yun (It’s pushing through),” said Pangilinan, the chairman of the MPTC.

As early as November 2023, Pangilinan divulged MPTC’s plans to form a joint venture firm with SMC Tollways.

The planned merger came after the two tollway giants signed an agreement in August 2023 to jointly undertake the construction of the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX) with a combined cost of P72 billion.

Pangilinan further disclosed that the direction of MPTC-SMC Tollways will “really land [at] 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 said.

Pangilinan expressed confidence that the MPTC-SMC Tollways will happen “maybe 3Q (third quarter).”

Moreover, he said that both tollway firms agreed that MPTC’s Indonesian tollway assets will not be included in the merger.

“Domestic lang (Only domestic),” he said.

MPTC is the holding company for the North Luzon Expressway (NLEX), the Subic-Clark-Tarlac Expressway (SCTEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector.

SMC Tollways, meanwhile, operates the South Luzon Expressway, the Skyway Stage 3, the Southern Tagalog Arterial Road (STAR), the NAIA Expressway, and the Tarlac-Pangasinan-La Union Expressway (TPLEX). –NB, GMA News