Domestic shipping company Negros Navigation has acquired Aboitiz Transport System Corporation (ATS) in Manila, Philippines for $105m.
Negros entered into an agreement with Aboitiz Equity Ventures and Aboitiz & Co, which holds the controlling stake in ATS.
The transaction and the tender offer will be subject to standard terms and conditions including necessary government filings and regulatory approvals.
The purchase is expected to be funded with equity investments in Nenaco from China-ASEAN Marine.
ATS is an integrated transport solutions provider in the Philippines while China-ASEAN Marine is a subsidiary of China-ASEAN Investment Cooperation Fund.