MPIC in talks to acquire PrimeWater from Villar group

Metro Pacific Investments Corporation (MPIC) is in the early stages of exploring the potential acquisition of PrimeWater, a water service company owned by the Villar group.

MPIC Chairman Manuel Pangilinan confirmed they have signed a non-disclosure agreement and are analyzing PrimeWater's data, with a formal offer likely a week away.

Pangilinan noted that MPIC is considering how to structure the acquisition, as PrimeWater has numerous properties of varying sizes across the Philippines.

Former senator Cynthia Villar stated that her husband, Manuel Villar Jr., wishes to sell PrimeWater due to its alleged use as a political tool.

PrimeWater, a subsidiary of Prime Asset Ventures Inc., serves over 1.7 million households nationwide and has previously faced consumer complaints.

MPIC already has a significant presence in the water sector through Metro Pacific Water and Maynilad Water Services, Inc.