The planned merger of Metro Pacific Investments Corp.’s (MPIC) tollway business with San Miguel Corp.’s (SMC) expressway operations is expected to be completed by the third quarter of 2026.
MPIC and Metro Pacific Tollways Corp. (MPTC) chairman Manuel V. Pangilinan said discussions are now in the valuation stage, with the ownership structure likely to settle at 45-55 in favor of San Miguel.
“We are in the valuation stage. But we know we’ll really land 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,” Pangilinan told reporters.
“I hope the deal will be completed maybe third quarter,” he added.
Pangilinan said MPTC’s Indonesian operations are not included in the valuation of the company’s tollway business.
The merger talks had previously been put on hold as MPTC focused on securing funds for debt repayment. Pangilinan disclosed in March last year that discussions with San Miguel had been paused because of those funding requirements.
The proposed consolidation is expected to create the country’s largest toll road operator, bringing under one framework major expressways such as the North Luzon Expressway, Subic-Clark-Tarlac Expressway, South Luzon Expressway, and the Skyway network.
In August 2024, the toll unit of MPIC and San Miguel signed a P72-billion agreement to jointly build two major expressways south of Metro Manila.
Under the memorandum of agreement, the two groups will undertake the construction, operation, and maintenance of the 87.96-kilometer Cavite-Batangas Expressway and Nasugbu-Bauan Expressway.
The MPTC Group currently has 240.6 kilometers of existing expressways and 43.1 kilometers under construction, with total investments of US$3.06 billion. Its network includes the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, and Cebu-Cordova Link Expressway.
San Miguel’s toll road portfolio includes the Tarlac-Pangasinan-La Union Expressway, Southern Tagalog Arterial Road, South Luzon Expressway, Skyway System, and NAIA Expressway.