MANILA - Metro Pacific Investments Corp. said Tuesday it agreed to acquire certain assets and businesses of Ace Logistics Inc. for P280 million.
The closing of the transaction between Metro Pacific unit PremierLogistic Inc. and Ace Logistics Inc. is subject to certain conditions, the conglomerate told the stock exchange.
Ace is engaged in warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage, and domestic shipping.
"The assets and business that will be acquired in the transaction will be utilized to further expand MPIC’s logistics business, which continues to offer attractive returns in view of the strong demand in the sector," Metro Pacific said.
Metro Pacific shares were down 0.71 percent to P7 on Tuesday.