MANILA - Universal Robina Corp said Thursday it would acquire Roxas Holdings' sugar mill in Batangas province.

The refining assets held by Roxas Holdings subsidiary Central Azucarera Don Pedro are located in Lumbangan village, Nasugbu, Universal Robina told the stock exchange.

Roxas Holdings confirmed the sale in a separate disclosure. Proceeds from the sale will be used to pay off debt, it said.

The Philippine Competition Commission is reviewing the deal, URC said.