From PrimeWater to 'Puregold Water'

Will retail tycoon Lucio Co's acquisition of the Villar Group's PrimeWater lead to better services for consumers?

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For sure, PrimeWater customers across the water company's more than 75 concession areas from north to south are waiting with bated breath..

They want an end to their woes, which range from high water bills to no water at all.

For months, we've been hearing that investors were quietly eyeing to buy PrimeWater but there were always issues on "valuation." Some potential buyers also did not want the whole package but just some areas.

But the Villar Group wanted to sell "all or nothing." Industry sources said that AlphaPrimus, the advisor, tried to offer Prime Water to big players in the industry -the Manuel Pangilinan-led Maynilad, Enrique Razon's Manila Water, the Aboitizes' Aboitiz Infrastructure and a few others.

No less than Pangilinan had said early November that his group and the Villars were in talks, followed by the opening of PrimeWater's books for due diligence. Both parties signed a non-disclosure agreement.

Weeks after Pangilinan's announcement, MVP Group insiders said the price tag was on the high side, something they did not agree with, considering that some PrimeWater areas were fundamentally problematic and complicated.

This means that whoever takes over would really need time to provide efficient services there. Aside from these nuances, the new owner would have to honor PrimeWater's investment obligations - different in every area - or renegotiate these.

One source from another group said the price tag reached at least $1 billion, which many investors deemed too high.