The country’s leading conglomerate SM Investments Corp. has paid $124.5 million to acquire a 30.47 percent stake in leading logistics provider 2GO Group Inc. through the latter’s privately-held parent firm Negros Navigation Co. Inc.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMIC said it had acquired a 34.5 percent stake in Negros Navigation which in turn owns 88.31 percent of 2GO.
SMIC disclosed that the shares were bought from China-ASEAN Marine B.V. for $124.5 million. The deal was priced at a “fair market value,” the disclosure added.
The rationale for the transaction was “to invest in a fast growing, dynamic logistics business,” the SM conglomerate said.
2GO is the country’s largest integrated supply chain operator whose businesses include shipping, freight forwarding, warehousing, and express delivery services.