March 15, 2019 / 6:10 AM / 4 months ago

Thailand's PTT unit completes acquisition of Glow Energy stake

SINGAPORE (Reuters) - Global Power Synergy Company Pcl (GPSC), the power generating unit of state-owned PTT Pcl said on Friday that it completed the acquisition of a portion of Glow Energy, in one of Southeast Asia’s largest energy deals.

GPSC purchased a 69.1 percent stake in Glow from France’s Engie SA for 93 billion baht ($2.93 billion), the company said. It is also preparing a mandatory tender offer for the remaining 30.89 percent held by public investors for 40 billion baht.

The deal brings GPSC’s electricity generating capacity to just over 4,700 megawatts.

France’s Engie sale of Glow was in line with the company’s strategy of reducing coal assets and carbon footprint, Chief Executive Officier Isabelle Kocher said in a statement.

GPSC’s bid for Glow was blocked by Thailand’s energy regulator last year because the deal would reduce competition and create a monopoly in some industrial areas.

In December, GPSC received the regulator’s green light to proceed with the deal after Glow sold off a power plant.

Reporting by Chayut Setboonsarng; editing by Christian Schmollinger

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