PTT power arm buys 69.11% of ENGIE's Glow Energy for $2.94b

Authorities approved the sale after Glow sold one of its power plants.

Global Power Synergy Plc (GPSC), the power generation unit of Thailand’s PTT, has completed the purchase of a 69.11% stake in ENGIE’s Glow Energy (Glow) at the price of $2.90 (THB91.99) per share or $2.94b (THB93b).

According to a bourse announcement, GPSC is obliged to make a tender offer for the 30.89% stake of Glow at $2.90 per share.

The offer for Glow Energy has been previously set at $3.05b or THB100b. However, in October 2018, Thailand's Energy Regulation Commission blocked the bid, citing that the nearly $4b deal would lead to a monopoly in some industrial areas.

The country’s Energy Regulatory Commission (ERC) imposed the sale of the power plant as a condition for allowing GPSC to acquire Glow. It was approved in December 2018 after Glow sold off SPP1 Company Limited for $188.47m.