Lucio Co-owned Crystal Bridges Holding Corp. (CBHC) is acquiring PrimeWater Infrastructure Corp., the water utility firm of the Villar group, for an undisclosed amount, the company said in a statement late Tuesday.
CBHC said it signed definitive agreements for the acquisition of 100 percent of PrimeWater, which operates water and wastewater infrastructure projects nationwide.
Upon completion, Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines. PrimeWater holds joint venture agreements with more than 70 water districts across the Philippines, including in Bulacan and Cavite provinces.
Co has investments in various businesses including retail, real estate, wine and liquor and energy and minerals. His businesses include listed firms Puregold Price Club Inc., The Keepers Holding Inc. and Cosco Capital Inc.
The sale follows months of customer complaints faced by the water utility, including issues with intermittent supply and low water pressure.
PrimeWater previously said it has 75 joint venture agreements with local water districts and select local government units (LGUs), executed from 2013 to 2022.
The Villar family-led company said all agreements were processed in accordance with National Economic and Development Authority (NEDA) guidelines and were approved by the respective local water districts as the implementing government entities.
PrimeWater said these joint ventures passed the review and clearance of the Office of the Government Corporate Counsel.
Metro Pacific Investments Corp. (MPIC) water utility unit MetroPac Water Investments Corp. (MWIC) earlier expressed interest in PrimeWater.
