Meralco PowerGen Corporation entered into an agreement to acquire additional 30% stake in Global Business Power Corporation from JG Summit Holdings, Inc. (PSE:JGS) for PHP 12 billion on December 23, 2020. Under the terms of the acquisition, 577.206 million shares will be acquired at PHP 20.83 per share. Of the total consideration, 60% shall be paid at closing, 20% will be paid 6 months after and the remaining 20% will be paid after 18 months. In a related transaction, Meralco PowerGen Corporation entered into an agreement to acquire additional 56% stake in Global Business Power Corporation from Beacon Electric Asset Holdings, Inc. on December 23, 2020. Global Business Power Corporation had total assets of PHP 30.88 billion and equity of PHP 31.08 billion as at December 31, 2019. Global Business Power Corporation reported revenues of PHP 24.66 billion and net income of PHP 3.91 billion in 2019. The transaction is subject to customary closing conditions, including regulatory and third party approvals and approval by the Philippine Competition Commission. As of February 9, 2021, Philippine Competition Commission confirmed through their letter transaction does not require further approval by the Philippine Competition Commission. The transaction is expected to close within the first quarter of 2021. Alphaprimus Advisors Inc. acted as financial advisor and Picazo Buyco Tan Fider & Santos acted as legal advisor for Meralco PoweGen. Macquarie Group Limited (ASX:MQG) acted as financial advisor to Meralco PowerGen Corporation. Meralco PowerGen Corporation completed the acquisition of 30% stake in Global Business Power Corporation from JG Summit Holdings, Inc. (PSE:JGS) on March 31, 2021. The purchase price will be subject to adjustment based on the amount of dividends from Global Business Power that JG Summit will be entitled to receive after the signing date.