MANILA, (PNA) — Gokongwei-led JG Summit Holdings, Inc. said on Tuesday it will buy the remaining stake of San Miguel Group in Manila Electric Company (Meralco) for about P72 billion.
In a disclosure, the conglomerate said it has agreed to purchase the group’s 27-percent shareholdings in the power utility firm.
“JG Summit intends to finance the acquisition with a combination of debt and equity capital,” it said.
The transaction is still subject to completion of certain mutually agreed conditions to closing.
San Miguel has appointed Credit Suisse as its sole financial adviser for the transaction.
In July, San Miguel Corp. sold its 5.7-percent stake in Meralco for P17.34 billion to investors that included the Metro Pacific group.