Mitsui & Co Ltd and a Japan government-backed fund announced plans on Thursday to buy a minority stake in Philippine infrastructure firm Metro Pacific Investments Corp , as it delists from the domestic stock exchange.
Metro Pacific, a unit of Indonesian tycoon Anthoni Salim's First Pacific Co Ltd
In a statement, Mitsui said it partnered with JOIN, a government-backed fund that supports Japanese firms' overseas infrastructure projects, to acquire 20% of Metro Pacific valued at $477 million. The tender offer price is 4.63 pesos per share, an 8% premium versus Wednesday's closing price and a price level last reached three and a half years ago, and will cost the buyers around $873 million.
Metro Pacific, which has interests in power, water, hospitals and toll roads, said it will continue owning and managing its portfolio and invest in other sectors of the economy in the Philippines and Southeast Asia.
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