Philippines: Ayala Land raising $596m; Threshold of M&A deals maintained at $19.9m
By Tomas S. Noda III
The deal follows Ayala’s investment in ePharmacy startup Wellbridge Health.
Called Sidrap Project, it is the first utility-scale wind farm project in Indonesia targeted to have a generating capacity of 75 MW and is expected to be completed before 2017 ends.
Ayala’s power unit AC Energy Holdings Inc signed definitive documents to sell all of its ownership stake in each of QuadRiver Energy Corp, Philnew Hydro Power Corp, and PhilnewRiver Corp to Sta. Clara Group Inc.
The acquisition is seen as a major milestone for AC Energy as it scales up its renewable energy platform and establishes its presence in Indonesia.
AC Energy through its wholly owned subsidiary Presage Corp, acquired an additional 17.79 per cent stake in NorthWind, increasing its effective ownership interest from 50 per cent to 67.79 per cent.
Ayala Corp is divesting all of its shares in Vietnam-based Vinaphil Technical Infrastructure Investment JSC, while DoubleDragon Properties Corp aims to raise up to $312 million in a latest bonds offer.