Metro Pacific Investments Corporation agreed to acquire 16% stake in SP New Energy Corporation from Solar Philippines Power Project Holdings, Inc. for PHP 2 billion.

Metro Pacific Investments Corporation (PSE:MPI) agreed to acquire 16% stake in SP New Energy Corporation (PSE:SPNEC) from Solar Philippines Power Project Holdings, Inc. for PHP2 billion on March 27, 2023. Upon the Closing of the transaction, Mr. Pangilinan will become Chairman of the Board of SPNEC. MPIC will be funding the initial acquisition through internally generated cash.

The deal is subject to regulatory approval and acquirer board approval. As of March 27, 2023, acquirer board approved the deal. UBS acted as the financial advisor on the transaction.