1/8/2025
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The Philippine deal landscape in August 2025 remained active, though with a more modest aggregate compared to July. Total Aggregate deal value reached approximately USD681m, led by Manila Water’s landmark USD657m acquisition of Prime Infra’s stake in WawaJVCo.
Complementing this were smaller transactions across utilities, real estate, and education, alongside undisclosed but strategic moves in healthcare, insurance, and consumer dining. Fundraising momentum also continued in the financial sector, with Philippine Savings Bank raising USD670m through bonds.
Overall, deal flow reflected steady investor appetite in core sectors such as infrastructure, financial services, and healthcare, even as several major transactions remained undisclosed.
San Miguel acquiring Manila Electric 's shares
San Miguel Corporation completed its acquisition of 1.03 million shares of Manila Electric Co. (Meralco) from the Land Bank of the Philippines via a block sale on August 22, 2025. The shares were purchased at PHP 90 each, for a total of PHP 93.1 million (approx. USD1.62 million). The move expands San Miguel’s infrastructure and utilities portfolio.
Article link: San Miguel acquiring Manila Electric 's shares
Manila Water acquires WawaJVCo stake
Manila Water Co. Inc. signed a share purchase agreement with Prime Infrastructure Inc. on August 13, 2025, to acquire the latter’s interest in WawaJVCo, operator of the Wawa Bulk Water Supply project in Rizal, for approximately PHP37.8 billion (approx. USD657 million, based on USD1 = PHP7.50). The agreement, structurally aligned with Manila Water’s long-term water security goals, is expected to close by the end of September.
Article link: Manila Water acquires WawaJVCo stake
Nexscient to acquire Flipside Digital
Nexscient, Inc. signed a non-binding letter of intent to acquire substantially all the assets of Flipside Digital Content Company, Inc. for PHP5.9 million (approx. USD0.10 million) on August 6, 2025. The consideration includes cash, a convertible debenture and Nexscient restricted common stock. As part of the transaction, Flipside’s CEO Anthony De Luna will remain as head of the new subsidiary and join Nexscient’s Board of Directors.
Article link: Nexscient to acquire Flipside Digital
Cityland takes full control of City & Land Developers
Cityland Development Corporation agreed to acquire an additional 19.35% stake in City & Land Developers, Inc. for approximately PHP160 million (USD2.74 million) on August 26, 2025. The transaction will bring Cityland’s ownership to 100%, consolidating all assets, liabilities, and ongoing projects.
Article link: Cityland takes full control of City & Land Developers
Nephrocare expands with five dialysis clinics
Nephrocare Health Services Limited acquired five dialysis clinics in the Philippines on August 12, 2025, expanding its national network to 39 centers. The acquisition underscores Nephrocare’s strategy to scale renal healthcare services in the country ahead of its planned IPO.
Article link: Nephrocare expands with five dialysis clinics
AC Health gains ABC World Asia as new investor
Ayala Healthcare Holdings, Inc. (AC Health), a subsidiary of Ayala Corporation, welcomed ABC World Asia as a new strategic investor with a 16% stake acquired on August 22, 2025. The investment, valued at approx. USD16 million, will support AC Health’s expansion across hospitals, pharmacies, and digital health services.
Article link: AC Health gains ABC World Asia as new investor
Philippine Savings Bank raises USD670 million via bonds
Philippine Savings Bank launched the first tranche of its PHP40 billion bond program on August 20, 2025, raising PHP40 billion (USD670 million). Proceeds will be used for funding diversification, capital management, and general corporate purposes.
Article link: Philippine Savings Bank raises USD670 million via bonds
Ayala increases stake in iPeople
Ayala Corporation (PSE:AC) completed the acquisition of 29.24 million shares in iPeople Inc. from A. Soriano Corp. for PHP351 million (approx. USD6.1 million) on August 16, 2025. The deal strengthens Ayala’s exposure to the education sector through iPeople, which operates schools and universities under the Mapúa brand.
Article link: Ayala increases stake in iPeople
FPG Insurance to acquire Mercantile Insurance
FPG Insurance, Inc. signed a definitive agreement to acquire Mercantile Insurance Co., Inc., a non-life insurer, on August 14, 2025. The acquisition enhances FPG’s market presence and product portfolio in the Philippine non-life insurance sector. Transaction value was not disclosed.
Article link: FPG Insurance to acquire Mercantile Insurance
SMFL acquires 30% of RCBC Leasing
Sumitomo Mitsui Finance and Leasing Co., Ltd. agreed to acquire a 30% stake in RCBC Leasing and Finance Corporation from Rizal Commercial Banking Corporation on August 18, 2025. The investment strengthens SMFL’s footprint in the Philippine leasing and financing market.
Article link: SMFL acquires 30% of RCBC Leasing
Inoza acquires majority stake in The Bistro Group
Inoza Business Holdings, the parent company of Yellow Cab Pizza Co. and other food brands, acquired a majority stake in The Bistro Group on August 5, 2025. The deal adds over 100 casual dining restaurants under brands such as TGI Friday’s, Italianni’s, and Denny’s to Inoza’s portfolio, strengthening its market leadership in the Philippine food and beverage sector. Transaction value was not disclosed.
Article link: Inoza acquires majority stake in The Bistro Group
Vitarich acquires Broilers Club and breeder farms
Vitarich Corporation signed an agreement to acquire Broilers Club Inc. and certain breeder farm facilities in Davao del Sur for PHP280 million (approx. USD4.9 million) on August 30, 2025. The acquisition expands Vitarich’s production capacity, strengthens its integrated supply chain and supports the company’s growth in the Mindanao region.
Article link: Vitarich acquires Broilers Club and breeder farms
Note: (1) Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.