Philippines: MPIC buys assets, biz of Ace Logistics for $5.6m

Conglomerate Metro Pacific Investments Corp (MPIC) made a deal with Ace Logistics Inc to acquire certain logistics assets and business of the company worth $5.6 million (P200 million).

Both Philippine-based companies agreed the transaction will be carried out through an asset purchase agreement between Ace and MPIC’s subsidiary Premier Logistics Inc.

“The assets and business that will be acquired in the transaction will be utilized to further expand MPIC’s logistics business, which continues to offer attractive returns in view of the strong demand in the sector,” MPIC said in its statement.

Also Read: Philippines: San Miguel, MPIC mull ‘$10b airport joint venture’

Besides logistics, Ace is engaged in the business of warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage and domestic shipping.

“Ace also has a strong presence in pre-delivery inspection in the automotive industry, which Premier intends to expand,” MPIC added.

Based on a definitve agreement, the conditions precedent include the sale by Ace of identified logistics assets, the novation of certain key contracts of Ace with its clients, and the transfer of certain key officers and employees of Ace to Premier.

Also Read: Philippines: MPIC, GT Capital seal series of investment deals worth $940m

The closing of the transaction is subject to the satisfaction of certain conditions precedent, which the parties intend to fulfill within the month of February.

An initial payment shall be delivered to Ace on the closing of the transaction.

The controlling shareholder of Ace will likewise acquire a 10 per cent interest in Premier after the transaction’s closing.

MPIC’s last trading price on January 24 decreased 0.85 per cent or P0.060 to close at P6.99 per share.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.