Print Edition - 2018-06-21  |  Money Digest

Thai energy giant PTT to buy Engie’s Glow

BANGKOK

Jun 21, 2018-

Thai energy giant PTT Pcl said it will buy domestic power firm Glow Energy Pcl, controlled by French giant Engie SA, in a deal that could be worth more than $4 billion as it seeks to play a bigger role in supplying power to the country’s industrial heartlands. In a statement on Wednesday, PTT unit Global Power Synergy Pcl (GPSC) said it will first pay 97.56 billion baht ($2.98 billion) for Engie’s 69 percent stake in Glow, before launching a tender offer for the remaining shares. GPSC first proposed the deal earlier this week. If the same terms were offered to Glow’s other shareholders, the remaining stake would be worth another 43.6 billion baht ($1.33 billion). (REUTERS)

Published: 21-06-2018 08:09

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