THE logistics arm of listed infrastructure conglomerate Metro Pacific Investments Corporation (MPIC) said it has acquired the businesses and assets of Ace Logistics Inc. for P280 million.
MPIC informed the Philippine Stock Exchange (PSE) on Wednesday of the conditional closing of the acquisition by PremierLogistics Inc., a subsidiary of MetroPac Movers, Inc. (MMI), of the assets and key contracts of Ace Logistics on Tuesday, April 4.
The transaction , which was approved by its board of directors last January 20, 2017, involves the acquisition by PremierLogistics of the logistics businesses and assets, including key contracts, of Ace for a total consideration of P280 million, which is payable in several tranches until completed by 2020.
“The parties agreed on a conditional closing, with additional deliverables to be completed within an agreed period after the closing of the transaction. A portion of the initial payment was withheld and shall be delivered upon completion of all deliverables,” the statement said.
“PremierLogistics intends to use the assets purchased to expand the list of logistics services it offers and to widen its client base,” MPIC said.
After the closing of the transaction, the principal stockholder of Ace will subscribe to approximately 10 percent of the outstanding capital stock of PremierLogistics, MPIC added.
Ace is engaged in the business of logistics, including warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage and domestic shipping.