AC Energy Inc., the energy platform of Ayala Corp., said Monday it completed the acquisition of a combined 51.48-percent stake of Phinma Inc. and Phinma Corp. in Phinma Energy Corp.
AC Energy acquired the Phinma group’s stake through the purchase of secondary shares for P3.669 billion.
AC Energy also subscribed to 2.632 billion PHEN primary shares at par value.
With the transactions, AC Energy acquired a total of 7.5 billion shares of Phinma Energy corresponding to 68 percent for a total value of P6.3 billion.
“We are pleased to complete this transaction, as we see Phinma Energy as a platform for AC Energy’s domestic growth,” said AC Energy president and chief executive Eric Francia.
Meanwhile, the mandatory tender offer for PHEN shares ended June 19 with 156,476 shares having been tendered.
The Philippine Competition Commission already approved the acquisition on April 11 after AC Energy conducted a mandatory tender offer in accordance with the Securities Regulation Code.
Francia said the Phinma acquisition was an important step to achieve AC Energy’s goal of reaching 5,000 megawatts of renewables capacity by 2025, of which 50 percent would come from renewable energy.
AC Energy, based on its equity interest in power generation businesses, owns 1,600 gigawatts of generation capacity in operation and under construction.
AC Energy generated 2,800 gigawatt-hours of energy in 2018, 48 percent of which was from renewable sources.
AC Energy is one of the fastest growing energy companies with more than $1 billion in investment and committed equity in renewable and thermal energy in the Philippines and around the region.