Pangilinan hopes to sign MPTC-SMC tollway merger agreement by end-2026
Valuation work is nearing completion, but the two sides still need to agree on values before signing, according to Manuel V. Pangilinan.
Manuel V. Pangilinan hopes Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) Tollways can sign an agreement for their planned merger before the end of 2026. He told reporters that regulatory and government approvals would still be needed.
Pangilinan said the valuation process was close to completion and that he believed the figures had been submitted. The companies must still discuss and agree on their respective values. He had previously indicated that the proposed ownership split would be 45%-55%, with SMC Tollways taking the larger share.
The companies agreed in August 2023 to jointly build the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX), at a combined cost of ₱72 billion. Pangilinan disclosed MPTC’s plans for a joint venture with SMC Tollways in November 2023.
MPTC’s holdings include the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), Manila-Cavite Toll Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), Cebu-Cordova Link Expressway (CCLEX) and NLEX Connector. SMC Tollways operates the South Luzon Expressway, Skyway Stage 3, Southern Tagalog Arterial Road (STAR), NAIA Expressway and Tarlac-Pangasinan-La Union Expressway (TPLEX).
