Metro Pacific buys 56% of GT Capital’s power unit

CONGLOMERATE Metro Pacific Investments Corp. (MPIC) on Friday acquired a controlling 56 percent interest in GT Capital Holdings Inc.’s unit Global Business Power Corp., a major power generation player in the Visayas and some parts of Luzon, for P22.06 billion.

The two companies said MPIC, through its associate Beacon Electric Asset Holdings Inc., will acquire 56 percent of Global Power for P22.06 billion, half of which will be paid out in cash upon closing of the deal while the remainder will be settled via a vendor financing facility.