Manila Water Company said Monday it expects to complete its acquisition of Prime Infrastructure Capital Inc.’s (PII) entire stake in WawaJVCo Inc., the operator of the Wawa Bulk Supply Water Project, by Sept. 30, 2025.
Manila Water said in a disclosure to the Philippine Stock Exchange it signed a share purchase agreement with PII on Monday for the purchase of all of PII’s interests in WawaJVCo Inc.
The company said the closing would be subject to customary conditions for transactions of a similar nature and is expected to be completed by Sept. 30.
“The total consideration for PII’s shares and deposit for future stock subscription shall be paid in installments, with an initial payment to be made on Dec. 15, 2025, in the amount of P6.11 billion. The final installment shall be paid on Jan. 30, 2026, subject to adjustments to balance sheet items from the SPA signing date to the closing date,” Manila Water said.
Manila Water previously signed a term sheet for the acquisition of a 100-percent ownership interest in Wawa JVCo from PII and minority shareholders.
The Wawa Bulk Water Supply Project is a critical raw water source infrastructure program designed to augment Metro Manila’s water needs, which are served by the Angat Dam.
Wawa JVCo was established in 2019 to develop, operate and maintain the Wawa Bulk Water Supply Project, which includes the Tayabasan Weir in Antipolo and the Upper Wawa Dam in Rodriguez, Rizal province, with a capacity of up to 712 million liters per day (MLD).
WawaJVCo has a 30-year bulk water supply agreement with the Metropolitan Waterworks and Sewerage System (MWSS) and Manila Water for the supply of 518 MLD through 2050.
The facility transports water to Manila Water’s downstream Calawis treatment facility.
“The acquisition, when completed, will ensure a credible, consistent and stable source of raw water for Manila Water’s east zone service areas. This will enable the company to support future growth and expand service,” Manila Water said.
