GIC, CVC groups among bidders for Blackstone-backed Sithe's Philippine plant

GIC, CVC groups among bidders for Blackstone-backed Sithe's Philippine plant

A group comprising Kuwait Investment Authority and private equity firm CVC
Capital Partners is among final bidders for Sithe Global Power LLC's stake
in a Philippine power plant that could fetch at least $500 million, people
with knowledge of the matter said.

A consortium of Singapore's sovereign wealth fund GIC Pte, Malaysian power
company Malakoff Corp. and an infrastructure investment fund managed by
Macquarie Group Ltd. also made a binding offer, said the people, who asked
not to be identified as the process is private. Aboitiz Power Corp., based
in the Philippines, is vying for the Blackstone Group LP-backed company's
asset as well, the people said.

Rising demand for electricity in the Asia-Pacific region has been spurring
mergers and acquisitions in the energy industry. Announced power and
utilities deals involving companies in the region totaled $72.4 billion this
year, up 19 percent from the $60.6 billion announced in the same period in
2015, according to Bloomberg-compiled data.

New York-based Sithe is selling a more than 60 percent stake in Mariveles
power plant, a 600-megawatt facility. A decision on the winning bidder for
the facility, located in Bataan province, west of the Philippine capital of
Manila, is expected to be announced in October, one of the people said.

Sithe Global and the Philippines's Ayala Corp co-own the Mariveles plant as
well as a stake of about 40 percent in Dinginin power station, a
1,300-megawatt facility that's being built.

Representatives for KIA and Malakoff didn't immediately respond to e-mailed
requests for comment, while Blackstone, Macquarie Group, CVC and GIC
declined to comment in e-mailed responses to Bloomberg queries. "I cannot
comment at this time," Aboitiz Power Executive Vice President Miguel Aboitiz
said in a mobile-phone text message.

KIA, one of the world's oldest sovereign wealth funds, is targeting global
infrastructure projects after taking part in a consortium that bought the
London City Airport this year, Chairman Anas Al-Saleh said in May. CVC
Capital, whose holdings include a stake in Formula One, agreed to take
bereavement care provider Nirvana Asia Ltd. private in July.

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Ref:
http://www.dealstreetasia.com/stories/blackstone-backed-sithe-said-to-get-fi
nal-bids-for-asia-plant-54336/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com