JG Summit To Pay $1.7B For Meralco Minority Stake

Law360, New York (October 01, 2013, 5:52 PM ET) -- Philippines-based conglomerate JG Summit Holdings Inc. will acquire a minority stake in local utility Manila Electric Co. from food and beverage giant San Miguel Corp. for 72 billion Philippine pesos ($1.66 billion), JG Summit announced Tuesday.

The deal is for all of San Miguel's stake in Meralco and comes at a steep discount to current market prices. The 27 percent stake being acquired by JG Summit is equivalent to about 300 million shares of Meralco at 236 pesos each, according to JG Summit's filing with the...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required