A Brown, a Philippine-listed company, has agreed to acquire 100 per cent of Vires Energy Corporation, while Australian private equity firm Five V Capital is acquiring a majority stake in New Zealand talent experience platform Totara.
PH-listed A Brown Acquires LNG firm Vires Energy
A Brown Company, a Philippine-listed holding firm with interest in agribusiness, power generation, and resources, has acquired 100 per cent of the outstanding capital of Vires Energy Corporation, a liquefied natural gas (LNG) company owned by Singapore-based Argo Group Pte Ltd.
Vires Energy is the proponent for the integrated floating LNG storage and regasification terminal and the 506-megawatt floating natural gas-fired power plant project located in Batangas City, the Philippines.
In a disclosure, A Brown said Vires Energy will build the necessary infrastructure to allow the importation of LNG as early as 2022. The project will deliver natural gas through a pipeline to supply existing and new natural gas-fired power plants. Vires Energy’s LNG project was earlier estimated to cost $750 million.
Financial details of the acquisition were not disclosed. A Brown Chairman Walter Brown said the deal reflects the company’s confidence in the role of natural gas in providing for a clean and cost-effective energy source.
Five V takes majority stake in NZ talent experience platform Totara
Sydney-based private equity firm Five V Capital has agreed to acquire a majority ownership interest in Totara, a New Zealand-headquartered employee management software provider, for an undisclosed amount.
Five V Capital is best known as an early backer in Australian tech unicorn Canva. The firm, which raised $250 million for its third buyout fund in August 2019, invests mostly in technology and consumer sectors, targeting significant ownership positions in firms valued at $20 million to $150 million.
In the latest deal, Totara’s operations and management will remain unchanged, with Richard Wyles continuing as CEO, according to the announcement.
Established in 2011, Totara develops HR and development software products that it said have been used by over 1,800 organisations around the world, including USDA, Indeed, Pepsi, Red Hat, JetBlue, and Yamaha.
