JG Summit To Pay $1.7B For Meralco Minority Stake

Law360, New York (October 1, 2013, 5:52 PM EDT) -- 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...
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