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Metro Pacific signs $1bn of acquisitions in Philippine power companies

( May 30, 2016, 03:58 GMT | Official Statement) -- MLex Summary: Metro Pacific Investments Corp has signed a series of deals that will increase its effective ownership to 41.2 percent of Meralco, the biggest electricity distributor in the Philippines, and to 51.1 percent of Global Power, the leading power supplier in the Visayas region. First, Metro Pacific subsidiary Beacon Electric Asset Holdings Inc will acquire a 56 percent stake in GT Capital Holdings’ power generation unit, Global Business Power Corp, for 22.06 billion pesos ($471 million). As part of the deal, GT Capital will also acquire a 15.6 percent stake in Metro Pacific, making it the second-largest investor in the conglomerate, which is controlled by Hong Kong-based holding firm First Pacific Co. Metro Pacific also entered into a 26.2 billion peso agreement to acquire a further 25 percent interest in Beacon Electric, which owns 35 percent of Meralco.  The company's statements are attached. ...

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