Insider Spotlight
Crystal Bridges Holding Corp., the investment vehicle of the retail industry billionaire Lucio Co, has entered into definitive agreements to acquire 100 percent of PrimeWater for an undisclosed amount, according to an announcement made on Tuesday, Dec. 16, 2025 by the camp of former Sen. Manuel Villar.
Why it matters
The deal places one of the country’s largest water infrastructure portfolios under the Co family, potentially reshaping how water and wastewater services are delivered across multiple regions.
What’s happening
PrimeWater operates water and wastewater infrastructure projects nationwide, with activities ranging from water district joint ventures to bulk water supply, septage, and wastewater management. Once the transaction is completed, Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines, consolidating control under the Lucio Co Group.
Between the lines
The acquisition reflects growing investor interest in essential utilities as long-term, stable assets. Water infrastructure, often characterized by regulated returns and high capital requirements, has become increasingly attractive to diversified conglomerates seeking defensive growth.
For PrimeWater, full acquisition by Crystal Bridges could streamline decision-making and capital allocation, particularly as demand rises for improved water reliability, expanded coverage, and upgraded wastewater treatment facilities in fast-growing urban and provincial areas.
The broader context
The Philippine water sector continues to face challenges tied to aging infrastructure, population growth, and climate-related risks. Private sector participation has played a key role in bridging investment gaps, especially in areas served by local water districts and public-private partnerships.
What to watch
Market observers will be looking at how the Lucio Co Group integrates PrimeWater’s operations and whether the acquisition leads to accelerated investment in network expansion and service quality. Regulatory approvals and transition timelines will also be closely monitored as Crystal Bridges moves to fully assume control.
The bottom line
By moving to acquire full ownership of PrimeWater, the Lucio Co Group is making a clear bet on the long-term value of water infrastructure, positioning itself as a more influential player in one of the country’s most critical utility sectors.
— Edited by Daxim L. Lucas
