METRO Pacific Tollways Corp. is looking to finalize the acquisition of a 35-percent stake in an Indonesian state-owned toll road operator by July as it is crucial to a planned merger with San Miguel Corp.'s (SMC) tollway business.

"What we're waiting for there, the last major piece, is the closing of the Trans-Java toll road because it's big. So, from an evaluation standpoint, it's important to us because it's valuable," MPTC Chairman Manuel V. Pangilinan said when asked about the planned merger with SMC's tollway business.

"The deal with San Miguel is 50-50. So, hopefully, by July, it will be closed. Sign the definitive agreement. Then it will be part [of the negotiation with SMC]," he added.

Pangilinan said that SMC and MPTC were exchanging data and that the numbers were already formed.

"It will be done. It's just a question of time," he added.

MPTC Chief Finance Officer Chris Lizo earlier said the estimated value of the 35-percent stake in the Jasamarga Transjawa Tol (JTT) that owns 13 toll roads in Indonesia was between $1 billion and $1.5 billion.

JTI has the largest connected toll road network in Java, operating 13 toll sections spanning 676 kilometers.

MPTC earlier teamed up with Singapore sovereign fund GIC for the acquisition of a stake in Jasamarga.

Under the proposed partnership, MPTC's Indonesian subsidiary will acquire 20.3 percent of the 35 percent to be purchased, while GIC will own 10.3 percent. MPTC-led PT Margautama Nusantara will take the remaining 4.2 percent.

GIC recently invested in MPTC's toll road unit in Indonesia, acquiring 33 percent.

MPTC also bagged a new concession project in Indonesia last year, which involves a 21.5-kilometer elevated toll road worth $1.4 billion.

The project will commence this month and is scheduled to be completed by January 2028. It will have a concession life of 45 years.