PRIVATE equity firm I Squared Capital, through its Philippine affiliate, will buy Philippine Tank Storage International from Singapore's Keppel Infrastructure Trust and Metro Pacific Investments Corp. in a $296-million deal.

Hong Kong's First Pacific said on Wednesday its Philippine affiliate, Metro Pacific, would sell its 50-percent stake in Philippine Coastal Storage & Pipeline Corp., which is owned by Philippine Tank Storage International, the company that runs the biggest petroleum products import storage facility in the country.