BUSINESS tycoon Enrique Razon's Prime Infrastructure announced that they are looking to acquire Ayala Corp's stake in Manila Water Corp 

They made the announcement during a disclosure to the stock exchange.

According to Ayala Corp., which holds various units and shares in Manila Water, they are selling their stakes to Prime Infra's Trident Water.  

"The gross consideration for these transactions among AC, Michigan, and Philwater (collectively, “Ayala”), and Trident will be P14.5 billion," Ayala Corp said.

Ayala said that when the deals are completed they will no longer hold common shares of MWC and its voting stake will be zero.

Ayala will retain an effective 12.08 percent economic stake through preferred shares which will be paid on an installment basis, it said.