japanese-consortium-buys-mirant-assets-in-the-philippines

Japanese consortium buys Mirant assets in the Philippines

Tokyo Electric Power-Marubeni consortium to purchase Mirant assets for $3.42 billion in the largest M&A deal to date for the Philippines.

By Sameera Anand

December 11, 2006

Mirant Corporation of the US announced yesterday it had entered into a definitive purchase and sale agreement with a consortium of the Tokyo Electric Power Company and Marubeni Corporation for the sale of its Philippines business at a price of $3.424 billion plus working capital. The transaction represents the largest MA deal in the country to date.

Mirant will use $642 billion to pay down associated debt, netting it proceeds of $3.152 billion. The transaction is expected to close by the second quarter of 2007.

The assets on sale comprise 100% of the 735MW Pagbilao coal-fired power station, 100% of the 1,218MW Sual coal-fired power station and 20% of the 1,215MW Ilijan gas combined...

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