ING: 2018 a good year for M&A deals in the Philippines

According to ING, 2018 was a good year for deal-making in the Philippines. The bank expects to play a more active role in further propelling the growth of the economy.

This year, ING was able to advise on US$9.2 billion worth of deals in the country, placing its total M&A transactions handled to more than US$26 billion since it started operating as a Manila Branch in 1990. This earned ING the recognition as the Best M&A Adviser in the Philippines from ‘The Asset’ regional magazine at its 2018 Triple A Country Awards. The award ceremony is held in Hong Kong in January 2019.

“We continue to strongly demonstrate to our clients, particularly local conglomerates that need to grow bigger through mergers and acquisitions, that ING not only has the depth of sector experience and strong relationships with major local players, but also significant on-the-ground presence,” said Hans B. Sicat, country manager ING Philippines. 

From October 2017 to September 2018, ING acted as the financial advisor for six major deals in the country:

  • US$6.5-billion restructuring of San Miguel Corporation’s food and beverage business
  • US$1.9-billion divestment of AES and EGCO’s combined 100% stake in Masinloc to SMC Global Power
  • AC Energy’s US$579-million divestment of its stake in AA Thermal, Inc. to Aboitiz Power Corporation
  • Citicore Power’s 100% acquisition of Armstrong Asset Management’s 59.9-megawatt solar power plant portfolio in the Philippines
  • Manila Water’s US$167-million acquisition of a 18.72% stake in Eastern Water Resources in Thailand
  • Alsons’ US$86-million sale of 50% stake in Alsons Thermal Energy Corp. to Global Business Power.

“Close collaboration between ING’s local and overseas teams have enabled us to deliver quality advisory service to our clients. Our significant presence in the Philippines is a boost to our customer-centric approach, helped by our deep understanding of the local market and strong relationships with key players and regulators in the country. This is complemented by our strong international network which provides a view of regional developments across industries,” Mr. Sicat added.