I Squared Capital acquires Philippine Coastal Storage & Pipeline Corporation in US$510 million deal
I Squared Capital has announced the signing of a sale and purchase agreement to acquire Philippine Coastal Storage & Pipeline Corporation from Keppel Infrastructure Trust and Metro Pacific Investments Corporation on 23 October 2024. The deal is valued at up to US$510 million, which includes a potential earn-out of US$50 million.
PCSPC is the largest petroleum products import storage facility in the Philippines, boasting a storage capacity of approximately 6 million barrels. The facility spans three tank farms and a marine terminal area, covering a combined land size of approximately 150 hectares. This acquisition reinforces I Squared Capital’s growing presence in the energy infrastructure sector.
Rippledot Capital acted as the sole financial advisor to I Squared on this acquisition. This transaction adds to a successful series of deals Rippledot has facilitated in 2024, including the US$1 billion sale of Island Hospital in Malaysia and the US$425 million sale of Hyva Group in the Netherlands. With these transactions, Rippledot has advised on deals worth nearly US$2 billion in the second half of the year alone.
This acquisition signals the growing momentum in the market and highlights the significant opportunities emerging within the energy and infrastructure sectors.
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