Global Business Power Corporation (GBP) has announced its intention to acquire a 50% stake in Alsons Thermal Power from Alsons Consolidated Resources for PHP4.25bn ($85.64m).
GBP intends to use internal sources and external bank debts to fund the acquisition.
The transaction is yet to be approved by the Philippine Competition Commission.
ING Bank is the financial advisor to Alsons Consolidated Resources, while Castillo Laman Tan Pantaleon & San Jose is the legal advisor.
Alsons Thermal Power is a holding company for baseload coal-fired power plant assets, while ACR is a power generation company and a provider of power plant management and maintenance services.
Macquarie Group has announced completion of an acquisition of RES Japan from Renewable Energy Systems (RES Group).
RES Japan is a windpower projects developer. Following the transaction, it has been renamed as Acacia Renewables.
RES Group will continue to offer advisory and technical services to Acacia.
Macquarie expects to strengthen its renewable energy market in Japan and Asia through the acquisition.