Udenna bags Best M&A Deal award for 2GO stake purchase
The Udenna Group’s acquisition of logistics giant 2GO Group has been recognized by the Hong Kong-based The Asset Publishing and Research Ltd. as the best merger and acquisition (M&A) deal in the Philippines.
Davao-based businessman Dennis Uy’s Udenna Group acquired a 28.15 percent indirect economic interest in 2GO last year.
The Asset described Udenna’s acquisition as a “strategic transaction that allowed the consortium to deepen their foothold in the shipping and logistics industry.”
For his part, Udenna vice president for corporate affairs Adel Tamano said the acquisition is part of the company’s growth strategy.
Tamano said Udenna saw the potential of 2GO in creating synergies with its oil and gas, real estate and hospitality businesses, among others.
He said the acquisition was made more attractive because of the opportunity it presented to the Udenna Group to help the economy move forward.
With the deal, Udenna’s Chelsea Logistics now has 26 operating vessels that allow it to transport people to more locations as Philippine tourism booms.
It also provides Chelsea additional capacity to move cargoes throughout the supply chain, while e-commerce gains momentum and trade opportunities abound in the region, Tamano said.
Evercore, a premier independent investment banking advisory firm, served as the financial adviser of Udenna for the acquisition.
Founded in 1995, Evercore serves a prominent and diverse set of clients and investors, including leading multinational corporations, large institutional investors and financial sponsors, and high net worth individuals.
The Asset has recognized the best deals in Asia for 19 years now. Its annual Triple A recognition represents the industry’s most prestigious awards for banking, finance, treasury and the capital markets.
The publication, with the widest reach among Asian issuers and global institutional investors active in the region, gives weight to the views and comments of its readers in selecting awardees.
Incorporated in 2002, Udenna is engaged in various businesses including petroleum and oil through Phoenix Petroleum, shipping and logistics through Chelsea Logistics and 2Go, real estate through Udevco, education through Enderun, and convenience stores through Family Mart.