It bought a 51.48% stake in PHEN for $65.44m and subscribed to its shares worth $50.62m.
AC Energy finalised its deal with PHINMA Group to acquire PHINMA Energy (PHEN) for a total of $115.63m (PHP6b).
According to separate announcements, AC Energy bought a 51.48% stake in PHEN for $65.44m and subscribed to 2.632 billion PHEN shares for $50.62m (PHP2.63b) in total.
AC Energy has to obtain required regulatory approvals from the Philippine Competition Commission (PCC), Securities Exchange Commission (SEC), and Philippine Stock Exchange (PSE), get the mandatory tender offer to acquire the shares of PHEN shareholders, and meet other closing conditions.
The transaction will increase AC Energy’s attributable generation capacity by around 240MW and will increase its portfolio for its retail electricity supply business, AC Energy said.
"This transaction is an important step for AC Energy to achieve 5GW of renewables by 2025. The PHINMA Energy platform has significant operating and developmental renewable energy assets, and its large diesel capacity will complement the scaling-up of AC Energy’s renewable projects," it added.
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