Arran Investment Pte Ltd completed the acquisition of 19.6% stake in AC Energy Philippines, Inc. from AC Energy, Inc.
December 09, 2021
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Arran Investment Pte Ltd agreed to acquire an unknown stake in AC Energy Philippines, Inc. (PSE:ACEN) from AC Energy, Inc. on November 11, 2020. Arran Investment Pte Ltd signed an Investment Agreement to acquire an unknown stake in AC Energy Philippines, Inc. (PSE:ACEN) from AC Energy, Inc. on December 30, 2020. Arran Investment Pte Ltd will pay PHP 2.97 per share. As of December 6, 2021, as per the share purchase agreement Arran Investment Pte Ltd shall acquire 2,689 billion shares for PHP 3.4678 per share on for a total value of PHP 9.326 billion. Arran Investment Pte Ltd will acquire in total 17.5% stake in AC Energy Philippines, Inc. on the basis that ACEN’s stock rights offering (“SRO”) and follow-on-offering, and the infusion by ACEN’s parent company, AC Energy, Inc. (“AC Energy”), of its international business into ACEN, have been completed. The deal is subject to approval by regulatory board and subject to definitive documentation being signed and the completion of the infusion by AC Energy of its international business into ACEN by way of a property for shares swap. The Board of Directors of AC Energy Philippines and AC Energy Inc. approved the deal. The transaction is expected to close in the third quarter of 2021. As of January 6, 2021, the transaction is expected to close in the first quarter of 2021. As of ember 6, 2021, the transaction is expected to close on December 10, 2021.
AlphaPrimus Advisors acted as financial advisor to ACEN and AC Energy. K. Chandramouli of Rothschild (Singapore) Limited and Simon Barnes of Rothschild Australia Limited acted as financial advisor to GIC Special Investments Pte. Ltd. Luca Crocco, Karl Mah, Mark Cooper, Ing Loong Yang and Sharon Lau of Latham & Watkins LLP acted as legal advisor to GIC Special Investments Pte. Ltd, parent of Arran Investment. Ernst & Young Corporate Finance Pte Ltd. acted as financial and tax due dilgence provider to Arran Investment Pte Ltd.
Arran Investment Pte Ltd completed the acquisition of 19.6% stake in AC Energy Philippines, Inc. (PSE:ACEN) from AC Energy, Inc. on December 10, 2021.
ACEN Corporation is a Philippines-based company, which is engaged in power generation and trading, oil and mineral exploration, development and production. It organized into three business units. Philippines business unit includes Retail Electricity Supply (RES) or Commercial Operations (CO); Renewables, which is engaged in generation, transmission, distribution and supply of electricity using renewable sources, such as solar, wind and geothermal resources; Thermal, which is engaged in generation, transmission, distribution and supply of electricity using conventional way of energy generation; Project development; Leasing; bulk water supply; and Petroleum and exploration. International business unit represents the operations of ACRI, which is the holding company for all offshore investments. Parent and Others business unit represents operations of the Parent Company (excluding RES/CO) and ACE Shared Services, Inc. This also includes interest expense incurred by ACEN Finance Limited.
ACEN CORPORATION 
