PTT power arm buys 69.11% of ENGIE's Glow Energy for $2.94b

Authorities approved the sale after Glow sold one of its power plants.

Global Power Synergy Plc (GPSC), the power generation unit of Thailand’s PTT, has completed the purchase of a 69.11% stake in ENGIE’s Glow Energy (Glow) at the price of $2.90 (THB91.99) per share or $2.94b (THB93b).

According to a bourse announcement, GPSC is obliged to make a tender offer for the 30.89% stake of Glow at $2.90 per share.

The offer for Glow Energy has been previously set at $3.05b or THB100b. However, in October 2018, Thailand's Energy Regulation Commission blocked the bid, citing that the nearly $4b deal would lead to a monopoly in some industrial areas.

The country’s Energy Regulatory Commission (ERC) imposed the sale of the power plant as a condition for allowing GPSC to acquire Glow. It was approved in December 2018 after Glow sold off SPP1 Company Limited for $188.47m.

Also Read

Vena Energy’s 53 MW Kasama Solar Project starts operation

Adani Green’s operational capacity up 34% in H1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit