SM Investments Corporation (PSE:SM) agreed to acquire 81% stake Philippine Geothermal Production Company, Inc. for PHP 15.8 billion on April 1, 2022. The transaction will be structured as a share swap based on a PHP 26 billion enterprise valuation of PGPC, resulting in the issuance of 17.4 million SMIC shares based on a 60-day VWAP of Php 903.88/share. Board of Directors of SM Investments Corporation (SMIC) approved the acquisition.

The transaction will be subject to approval by SMIC shareholders at the company's ASM on April 27, 2022 and by regulators and is expected to be completed in the third quarter of 2022. This transaction further reinforces the SM Group's commitment to sustainability, good governance, and acting as a catalyst for responsible development in the communities we serve. The transaction will be accretive to SMIC based on 2021 earnings.

As on August 1, 2022, SMIC received approval from the Securities and Exchange Commission to acquire the 81% stake in Philippine Geothermal Production Company. The deal is expected to be completed in the third quarter of 2022.