Regions

On Wednesday, Manila Electric Co (Meralco) said that its wholly owned unit had acquired a stake at GT Capital Holdings Inc's power generation unit. The acquisition of Meralco's Meralco PowerGen Corp had bought 20% stake in Global Business Power Corp, said a Reuters report.

The deal would be subject to an undisclosed closing condition said Meralco, the biggest power utility in the Philippines. The acquisition of the stake involved First Metro Investment Corp's (FMIC) 20% stake in Global Power Corp. This was according to a filing with the Manila Stock Exchange.

FMIC is a unit owned by GT Capital led by tycoon George Ty, the ninth wealthiest man in the Philippines. Global Business Power is the main electricity provider in the central Philippines. The energy firm has nine power plants that could generate a total capacity of 627 megawatts.

Meralco did not provide any financial terms of the acquisition transaction, said a Reuters report.