Keppel Infrastructure Trust (KIT) completed the sale of its entire 50% equity stake in Philippine Coastal Storage & Pipeline Corporation (PCSPC) to affiliates of I Squared Capital on March 20.
The sale was first announced on Oct 23, 2024, in which KIT and Metro Pacific Investments Corporation (MPIC) agreed to sell their combined 100% stake in PCSPC for a total enterprise value of US$460 million ($613.99 million), including US$181 million of net debt.
KIT and MPIC held shares in PCSPC through Razor Crest, an indirect 50:50 jointly controlled company between the two companies. Razor Crest entered a sale and purchase agreement on Oct 23, 2024 to sell its entire stake in Hyperion Storage Holdings Corporation to Coral Terminal.
Coral Terminal’s parent entity is Terminal PH Investments, both of which are affiliates of I Squared Capital which is a global infrastructure investment manager.
Units in Keppel Infrastructure Trust closed flat at 42 cents on March 20.
