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Wednesday, October 9, 2013

Philippines-Manila Electric unit buys 20 percent of Global Business Power

Manila Electric Co (Meralco) (MER.PS) said on Wednesday its wholly owned unit, Meralco PowerGen Corp, has agreed to buy 20 percent of the power generation arm of conglomerate GT Capital Holdings Inc (GTCAP.PS).

Meralco, the Philippines' biggest power utility, said in a stock exchange filing the deal involving First Metro Investment Corp's (FMIC) 20 percent stake in Global Business Power Corp is subject to unspecified closing conditions.

FMIC is a unit of GT Capital, owned by tycoon George Ty, the Philippines' ninth richest person. Global Business Power, the main electricity provider in the central Philippines, has nine power plants with a total capacity of 627 megawatts.

Meralco did not disclose the acquisition cost and other terms of the deal.
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