Lucio L. Co–led Crystal Bridges Holdings Corp. is set to acquire 100 percent ownership of Villar-led PrimeWater Infrastructure Corp., paving the way for Crystal Bridges to operate PrimeWater’s entire nationwide portfolio.
In a statement, PrimeWater said it has entered into definitive agreements covering the full acquisition, although the transaction value was not disclosed.
Once completed, the deal will place all of PrimeWater’s operations across the Philippines under Crystal Bridges. PrimeWater, a subsidiary of Prime Asset Ventures Inc., currently serves more than 1.7 million households and delivers around 500 million liters of water daily through partnerships with over 100 water districts nationwide, including in Bulacan, Batangas, and Laguna.
PrimeWater is owned by Manuel Paolo A. Villar, the eldest of the Villar siblings. The planned acquisition follows earlier statements by billionaire Manuel B. Villar Jr. on his intention to divest from the water firm amid public criticism of its services and reported interest from other major groups, including Pangilinan-led Metro Pacific Investments Corp.
📸 Villar Group
