The Villar Group has confirmed the sale of its water utility business, PrimeWater Infrastructure Corporation, to Lucio Co’s Crystal Bridges Holding Corp., marking the Villar Group’s exit from the water utility business.

RH Sophia Gans reported that the Villar Group confirmed the divestment in a statement on Tuesday, December 16, saying it has entered into definitive agreements with Crystal Bridges for the acquisition. The financial terms of the deal were not disclosed, but the transaction covers PrimeWater’s entire portfolio of Philippine operations.

Photos released alongside the announcement showed tycoons Lucio Co and Manuel Villar Jr., together with their sons Vincent Co and Manuel Paolo Villar. Also present was Leonardo Dayao, president of Cosco Capital, the retail holding firm of Lucio Co.

In a brief statement, PrimeWater said that Crystal Bridges Holding Corp. will acquire 100% of the company after both parties sign the agreement. However, the value of the transaction has not yet been disclosed.

Prior to the Lucio Co Group’s acquisition, Maynilad Services Inc. had been named as a potential buyer of PrimeWater. Billionaire Manuel Pangilinan earlier revealed that Maynilad had entered into a non-disclosure agreement related to the possible deal.

In July, a lawmaker filed a resolution seeking a House of Representatives inquiry into joint venture agreements between PrimeWater and various local water districts, citing persistent service issues and consumer complaints.

The Senate has also raised questions about the company, conducting its own probes into PrimeWater’s performance and compliance with service standards.

PrimeWater manages several water and wastewater infrastructure projects across the country, including water district joint ventures, bulk water supply, and septage and wastewater management services.

On December 17, Malacañang maintained that PrimeWater should still be held accountable if it is proven to have deficiencies in its water services.