Ayala Corp said on Tuesday it has purchased a part of Mitsubishi Corp's equity in Manila Water Company. The acquired shares are worth PHP2.8 billion, according to GMA Network.

In an e-mailed statement, the Philippine business group said it bought 140 million of Manila Water's common shares from Mitsubishi. The said stake represents a 5.7% interest in the water utility, the report detailed.

The said statement read, "The transaction is valued at P2.8 billion and was executed via a special block sale through the Philippine Stock Exchange."

Ayala managing director and corporate strategy and development head Eric Francia said Mitsubishi offered to exit from the bulk of its Manila Water interest to Ayala. Francia added that the conglomerate found it an opportunity to increase its stake in the water utility, the report stated.

The deal lifts Ayala's Manila Water stake from 43.1% to 48.8%. Mitsubishi, on the other hand, has a remaining 1.2% interest in the water company.

Mitsubishi and Ayala have a long history of partnership dating back to 1974. The Japanese firm has been a shareholder in the water utility since 1997, GMA Network said in its report.