Manila Electric Co (Meralco) 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.

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.

Follow us on Twitter: @ALB_Magazine.

Related Articles

Other News

Korea’s Lee & Ko adds arbitration veteran to head int’l disputes

by Sarah Wong |

South Korean law firm Lee & Ko has significantly enhanced its dispute resolution capabilities with the appointment of international arbitration expert Park Eun Young as head of the firm's international disputes group.

Other News

Kim & Chang maintains top spot in Korean M&A legal advisory

by Asian Legal Business《亚洲法律杂志》 |

South Korea's largest law firm, Kim & Chang, has retained its leading position in the country's mergers and acquisitions (M&A) legal advisory market for the first nine months of 2023, according to data released on Oct. 3.

Other News

Drew secures $3.5 bln judgment against Lim family in Hin Leong case

by Asian Legal Business《亚洲法律杂志》 |

Singapore Big Four law firm Drew & Napier has successfully represented liquidators in securing a $3.5 billion judgment against former oil tycoon Lim Oon Kuin, known as OK Lim, and his two children in Singapore's largest reported fraudulent trading case.