Standard Chartered acted as sole financial advisor in successful M&A transaction for Keppel Infrastructure Trust

The completion of the divestment valued at USD460 million underscores the Bank’s infrastructure and energy advisory expertise

Singapore – Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) announced on 20 March the completion of the sale of their aggregate 100 per cent indirect stake in Philippine Coastal Storage & Pipeline Corporation (PCSPC) to affiliates of I Squared Capital.

As the exclusive financial advisor, Standard Chartered provided comprehensive support to Keppel Infrastructure Fund Management as trustee-manager of KIT. The transaction represents an aggregate enterprise value of USD460 million, inclusive of USD181 million of net debt. This excludes additional contingent payments of up to USD50 million in aggregate, which may be payable subject to achieving certain performance milestones over a period of approximately three years post-transaction.

PCSPC is the largest independent petroleum product import terminal in the Philippines, strategically located in the Subic Bay Freeport Zone, and was previously acquired by KIT and MPIC from the Philippine Investment Alliance for Instructure Fund in 2021. The divestment is in line with KIT’s long-term investment strategy to focus on lower carbon energy transition segments, and also allows KIT to strengthen its balance sheet and increase its financial flexibility to pursue other growth initiatives.

Wan Thonh Chow, Head, Coverage, Singapore and ASEAN, Standard Chartered said: “This milestone transaction reflects our commitment to working with our clients on their energy transition initiatives and represents our long-standing support for the Keppel Group through multiple advisory and corporate financing engagements.”

Rajesh Singhi, Global Head, Diversified Industries M&A, Standard Chartered added: “Standard Chartered is delighted to have worked with KIT on this landmark M&A transaction. We are pleased to have leveraged our infrastructure and energy sector expertise as well as M&A advisory experience to achieve a successful outcome for KIT.”

Standard Chartered provides global M&A advisory services with offices across Africa, Australia, Europe, Middle East, America, North Asia, South Asia and Southeast Asia, with proven track record in emerging and developed markets, supporting clients on sell-side and buy-side M&A transactions. The Bank has advised on M&A deals in Infrastructure, Oil & Gas and Chemicals, Clean Technology & Environment, Metals & Mining, Financial Services, Industrials, Consumer, and other sectors.

For further information please contact:

Alvina Neo
Standard Chartered

Phyllis Goh
Standard Chartered