Based in the Subic Bay Freeport Zone, and serving the Luzon Economic Corridor (LEC), Philippines Coastal is the largest independent import terminal in the Philippines. With a capacity of 6.3 million barrels, Philippines Coastal houses over 20% of the country’s import storage capacity.

The transaction has an aggregate enterprise value of US$460 million, inclusive of US$181 million net debt. I Squared Capital will pay additional contingent payments of up to US$50 million. Completion is subject to conditions including competition commission approval in the Philippines.

The Latham team was led by Singapore corporate partner James Clayton-Payne, with counsel Penelope Davey and associates Chong Shi Cheng and Cherine Teh. Advice was provided on finance matters by Singapore partner Andrew Bishop, with Hong Kong counsel Lynsey Edgar and Ruonan Duan, and associate Yun Cao; on DD matters by Singapore partner Don Stokes and associate Robert Thompson; on tax matters by London partner Helen Lethaby and associate Catherine Hill; on antitrust matters by Brussels partner Lucca Crocco; on capital markets matters by Hong Kong partner Mandy Wong; and on regulatory matters by Bay Area partner Christopher Frey and Washington, D.C. partner Dean Baxtresser, with Hong Kong partner Simon Hawkins and Washington, D.C. associate Christopher Caulder, and Beijing Foreign Legal Consultant Zhiying Li.