26/12/2025
Newsletter
In December 2025, M&A activities leaned toward (i) infrastructure/transport and cold-chain logistics buildout, (ii) asset recycling and control transactions in real estate, and (iii) select growth funding (fintech) alongside renewables platform expansion. Notable themes included foreign capital (e.g., BlackRock/GIP; Stonepeak) and state-led capital participation via Maharlika Investment Corporation (MIC).
Aboitiz InfraCapital is acquired by Global Infrastructure Partners (GIP) (40% stake)
Aboitiz Equity Ventures (AEV) agreed to bring in BlackRock-owned GIP as a strategic partner in Aboitiz InfraCapital via a mix of primary investment and secondary share purchase. The transaction was positioned to accelerate Aboitiz InfraCapital’s growth across Philippine infrastructure opportunities, with AEV retaining control post-transaction.
Article link: Aboitiz InfraCapital is acquired by Global Infrastructure Partners (GIP) (40% stake)
Asian Terminals, Inc. is acquired by Maharlika Investment Corporation (minority stake)
MIC announced a strategic investment into port operator Asian Terminals, structured through a direct share purchase and a tender offer alongside ATI’s voluntary delisting process. Press coverage described MIC paying PHP3.64 billion (c. USD61.8 million) for c. 11.2% of ATI, framing the deal as supportive of national logistics and infrastructure modernization.
Article link: Asian Terminals, Inc. is acquired by Maharlika Investment Corporation (minority stake)
Pinnacle Cold Storage Inc. is acquired by Peregrine Cold Logistics (Stonepeak-backed platform)
Stonepeak launched Peregrine Cold Logistics as an Asia-Pacific cold chain platform and announced its agreement to acquire an initial “seed asset,” Pinnacle Cold Storage Inc. in the Philippines - signaling continued investor interest in temperature-controlled logistics as food and pharma supply chains expand.
Article link: Pinnacle Cold Storage Inc. is acquired by Peregrine Cold Logistics (Stonepeak-backed platform)
Ubay Solar Corporation is acquired by Aboitiz Renewables, Inc.
AboitizPower (via Aboitiz Renewables, Inc.) acquired 100% of Ubay Solar Corp. (Bohol solar project developer) for USD8.55 million, with the company highlighting its renewables capacity buildout roadmap and the project’s expected development timeline toward commercial operations.
Article link: Ubay Solar Corporation is acquired by Aboitiz Renewables, Inc.
Maramag Hydropower Corporation is acquired by Repower Energy Development Corporation (95% stake)
Repower disclosed the acquisition of a 95% stake in Maramag Hydropower Corp. (developer of the 25 MW Pulangi IV hydropower project) for c. PHP32.2 million (c. USD0.6 million), while describing the project’s broader development capex as c. PHP 6.3 billion.
Article link: Maramag Hydropower Corporation is acquired by Repower Energy Development Corporation (95% stake)
Alabang Commercial Corp. is acquired by Rockwell Land Corporation (controlling stake)
Rockwell Land executed agreements to acquire a 74.8% controlling stake in the entity that owns/operates Alabang Town Center, disclosed at PHP21.6 billion (c. USD 368 milllion). Coverage also noted Ayala Land’s earlier monetization of its stake in the same asset as part of broader capital recycling and pipeline funding.
Article link: Alabang Commercial Corp. is acquired by Rockwell Land Corporation (controlling stake)
Crown Central Properties Corporation is acquired by Crown Equities, Inc. (full control)
Crown Equities agreed to acquire the remaining stake in its real-estate JV, Crown Central Properties Corp., buying out Federal Land and Horizon Land for PHP73.48 million (c. USD1.3 million), enabling Crown Equities to consolidate the unit as a wholly owned real-estate arm.
Article link: Crown Central Properties Corporation is acquired by Crown Equities, Inc. (full control)
Legazpi Savings Bank, Inc. is acquired by BPI Direct BanKO, Inc. (via merger plan)
BPI disclosed board authorization to pursue a merger of its thrift subsidiaries BPI Direct BanKo and Legazpi Savings Bank, commonly described as consolidation with BanKo as the surviving entity, subject to board/stockholder and regulatory approvals.
Article link: Legazpi Savings Bank, Inc. is acquired by BPI Direct BanKO, Inc. (via merger plan)
Zed Philippines Inc. is funded by Accel Management Co. L.L.C (Series A)
Fintech Zed disclosed a USD16.5 million Series A led by Accel, with participation reported from Rainfall Ventures, Valar Ventures and others, positioning the rise to expand credit products aimed at young professionals in the region.
Article link: Zed Philippines Inc. is funded by Accel Management Co. L.L.C (Series A)
RISO Copylandia Philippines Corp. / Copylandia Sales Corp. is acquired by Riso Kagaku Corporation (minority stakes)
Riso Kagaku announced plans to acquire stakes in newly established Philippine entities tied to distribution operations, described as part of strengthening its Philippine footprint (including successor arrangements linked to its long-time distributor).
Article link: RISO Copylandia Philippines Corp. / Copylandia Sales Corp. is acquired by Riso Kagaku Corporation (minority stakes)
L&K Industries Philippines, Inc. is funded by Creative Sensor Inc. (capital injection)
Coverage citing a Taiwan filing indicated Creative Sensor approved a USD5.6 million capital increase for its Philippine-based unit L&K Industries Philippines, consistent with a strategy to support operations/capacity within its overseas manufacturing footprint.
Article link: L&K Industries Philippines, Inc. is funded by Creative Sensor Inc. (capital injection)
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.