Indonesian Barito Group Offers $5 Billion to Acquire EDC Geothermal Stake
- Reports
- 3
- Developments
- 1
- Repetition
- 67%
New informationRepeats or wire copies
What happened
Barito Group, an Indonesian company, made an unsolicited, indicative, and non-binding offer to acquire Energy Development Corp. (EDC), the Philippines’ largest geothermal company. The offer was valued at around $5 billion, which could translate into approximately $2.29 billion for First Gen Corp. if the acquisition were to proceed. First Gen Corp., which holds EDC, stated it has no current plan to sell EDC and is instead mapping out its next phase of growth in the geothermal sector.
From philstar.com
Why it matters
The potential acquisition tests the market for major geothermal assets in the Philippines. First Gen Corp. indicated that it plans to allocate significant capital expenditures toward geothermal projects, including around P70 billion over the next five years for EDC.
From philstar.com, bworldonline.com
Who's involved
- IndonesiaIndonesian company that made the unsolicited offer to acquire EDC.
- PhilippinesThe country where EDC operates and is the largest geothermal energy producer.
- LT GroupLopez-led company that currently holds EDC and is evaluating the acquisition offer.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- PhilippinesSpeculative
The market for geothermal energy assets in the Philippines could be impacted by the potential sale of EDC.
Keep exploring
The entities involved
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Indonesia
island country in Southeast Asia and Oceania
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Philippines
archipelagic country in Southeast Asia