Ace acquisition

Metro Pacific Investments Corp. (MPIC) has bought the Philippines-based company Ace Logistics. According to local reports, the deal was worth P280m.

Ace is involved 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,” MPIC said in a statement to the Philippine Stock Exchange.