The Villar Group announced that Crystal Bridges Holding Corp., owned by the Lucio Co group, has acquired 100 percent of PrimeWater Infrastructure Corp. This transaction signals consolidation in the Philippine water sector, while the company still faces consumer complaints over service quality. It is expected to bring improved investment and management under new ownership.
On December 17, 2025, the Villar Group issued a statement that Crystal Bridges Holding Corp., owned by the Lucio Co group, has entered into definitive agreements to acquire 100 percent of PrimeWater Infrastructure Corp. The transaction price was not disclosed, but it is legal under Philippine law for private companies. Lucio Co, who chairs Cosco Capital Inc., has investments in retail such as Puregold and S&R, as well as in other sectors including renewable energy and his own water utility, Pamana Water Corp.
PrimeWater is one of the largest private water providers in the country, serving over 1.7 million households and processing more than 500 million liters of water daily. Its operations include joint ventures with local water districts, bulk water supply, septage, and wastewater management from Tuguegarao in Cagayan to Davao City in Mindanao, covering Central Luzon, Metro Manila, Calabarzon, and the Visayas.
However, PrimeWater faces challenges such as unreliable service, non-revenue water losses, billing disputes, and non-compliance with wastewater standards, leading to consumer complaints. Former senator Cynthia Villar stated that her husband, Manuel Villar Jr., wanted to sell PrimeWater as it was being used against them politically. This acquisition is part of a broader consolidation trend in the water sector, which requires strong balance sheets for infrastructure maintenance, addressing climate risks, and improving service.
Crystal Bridges is expected to leverage Lucio Co's reputation and capital discipline to fix these issues through increased investments in pipe rehabilitation, metering, and transparent governance. This could enhance consumer trust and provide more stable cash flows, but regulators must still scrutinize governance and impacts on public water districts.
