MCX acquired by Villar from Ayala Group for PHP 3.8B

Former senator, Manny Villar, and his company, Prime Asset Ventures, Inc. (PAVI), have completed the 100% acquisition of Ayala Corporation’s Muntinlupa-Cavite Expressway (MCX), more than a year since the two companies signed the initial agreement.

PAVI, following the approval from the Department of Public Works and Highways (DPWH), acquired a 100% stake at MCX Project Company, Inc. (MCXPCI) for PHP 3.8 billion. MCXPCI is the concession holder to operate MCX.

Villar completes acquisition of MCX from Ayala for PHP 3.8B image

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and tollways. You’ll be surprised by the many wonderful things to come in Villar City,” said Villar

Ayala Corporation president and CEO, Cezar Consing, who signed the agreement together with Villar, said that MCX has made a huge impact in relieving traffic congestion between Metro Manila and Cavite.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas, and Bacoor in Cavite, which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite,” said Consing.

The sale of MCXPCI, according to Ayala Corporation, is aligned with the company’s strategic priority to realize value from certain non-core assets and sharpen its focus on the continued expansion of its core businesses in real estate, banking, telecommunications, and power, and scaling up its emerging businesses in healthcare and logistics.

In addition, the transaction supports Ayala’s target to raise USD 1 billion from value realization initiatives by 2023, which is executed through a combination of strategic partnerships and divestment of certain non-core assets. The proceeds will be used to fund future investments and further strengthen the company’s balance sheet.