Aboitiz Power Corp. has completed the acquisition of a 66.1 percent effective beneficial ownership interest in GNPower Mariveles Coal Plant Ltd. Co. and 40 percent interest in GNPower Diningin Ltd. Co.
The completion move followed the recent approval of the Philippine Competition Commission and Board of Investments.
“BoI approved the acquisition of GNPower Mariveles on November 21, 2016. On December 19, 2016, PCC approved the acquisition of the target companies. Following receipt of the BoI and the PCC approval, the parties completed the acquisition on December 27, 2016, Philippine time,” Aboitiz Power said in a disclosure Wednesday.
Aboitiz Power unitTherma Power Inc. earlier signed agreements to acquire the interests held by affiliated investment funds of The Blackstone Group L.P in World Power Holdings L.P. and Sithe Global Power L.P. in the two power plants.