Billionaire Razon to buy 60% stake in First Gen's gas assets for $896 million
June 2 (Reuters) - Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp (FGEN.PS), opens new tab for 50 billion pesos ($896.44 million), the Philippine energy firm said on Monday.
The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement.
First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN (ABS.PS), opens new tab, the country's largest broadcaster.
The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp.(SMC.PS), opens new tab with Aboitiz Power (AP.PS), opens new tab and a unit of Manila Electric Co (MER.PS), opens new tab.
The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030.
($1 = 55.7760 Philippine pesos)
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