GIC Private Limited’s $420 Million Investment in AC Energy Philippines

Latham & Watkins advised GIC Private Limited on its proposed acquisition.

GIC Private Limited announced its proposed acquisition, through its affiliate Arran Investment Pte Ltd, of a 17.5% ownership stake in AC Energy Philippines for an aggregate consideration of approximately PHP20 billion (approximately US$420 million). The transaction will be implemented through a combination of subscription of primary shares (via a private placement) and the purchase of secondary shares from AC Energy and Infrastructure Corporation. The transaction was signed in December 2020 and the completion of the transaction is expected to occur in the first quarter of 2021, subject to the satisfaction of certain agreed conditions precedent, including applicable regulatory approvals.

GIC Private Limited operates as an investment management company. The Company offers asset management, funds, investment strategies, financial planning, and advisory services. GIC serves customers worldwide.

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. AC Energy is one of the fastest growing energy companies with ~US$2 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

The Latham deal team was led by partners Mark Cooper and Sharon Lau (Picture), supported by Singapore associates Charles Anderson, Liang Zhen Ong and Carolyn Wong; and Hong Kong associate Kirsten Gao. Advice was also provided on arbitration matters by Hong Kong partner Ing Loong Yang and Hong Kong associate Andrew Halliwell; on antitrust & competition matters by Brussels partner Luca Crocco; and on tax matters by London partner Karl Mah and London associates Tegan Creedy, Ed Moberly and Robert Thomas.

Involved fees earner: Charles Anderson – Latham & Watkins; Mark Cooper – Latham & Watkins; Tegan Creedy – Latham & Watkins; Luca Crocco – Latham & Watkins; Kirsten Gao – Latham & Watkins; Andrew Halliwell – Latham & Watkins; Sharon Lau – Latham & Watkins; Karl Mah – Latham & Watkins; Ed Moberly – Latham & Watkins; Liang Zhen Ong – Latham & Watkins; Robert Thomas – Latham & Watkins; Carolyn Wong – Latham & Watkins; Ing Loong Yang – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: GIC Private Limited;


Author: Michael Patrini