The Philippine Competition Commission said Monday it approved the acquisition by Scatec Solar ASA of 100-percent shares in SN Power AS (SN Power) valued at $1.16 billion.
The Mergers and Acquisitions Office of the PCC said in a decision on Jan. 14 the transaction was not expected to result in substantial lessening of competition in the markets of renewable power generation and electricity supply as there is no horizontal or vertical relationship between the acquiring entity, including its notifying group, and the acquired entity and the entities it controls.
The Scatec Solar-SN Power transaction is the first approved transaction for 2021 following the new thresholds of P50 billion or $1 billion under the Bayanihan II Act, and the 208th overall transaction cleared by the PCC.
Until this transaction, acquiring entity Scatec Solar has no operations in the Philippines, but is engaged in developing, building and operating renewable energy power plants globally. Scatec is based in Norway and is known to invest in green energy companies in emerging markets.