Philippines: Aclara buys GE's majority stake in Meralco JV

Philippines: Aclara buys GE's majority stake in Meralco JV

US-based Aclara, an affiliate of private equity firm Sun Capital Partners
Inc, has acquired General Electric's (GE) majority equity position in its
joint venture firm with Manila Electric Co (Meralco).

The JV firm, General Electric Philippines Meter & Instrument Co Inc
(GEPMICI), is touted as the market leader for electric meters in the
country.

The size of the deal is undisclosed.

Aclara will own a majority stake in GEPMICI, which supplies electric
solutions in other ASEAN member countries and Japan.

Aclara is a global supplier of smart infrastructure solutions (SIS) to
electric, gas and water utilities.

Meralco, which will maintain its current equity position in GEPMICI, is the
largest electric distribution company in the Philippines.

It serves over 6 million customers and covers 36 cities and 75
municipalities, including metropolitan Manila.

Aclara considers its acquisition of GEPMICI as an important part of its
global strategy, citing the Philippines, as well as other ASEAN and APAC
countries as key markets for its international expansion.

Aclara president and CEO Allan Connolly, said holding a majority equity
position in the joint venture enhances their global market leadership,
serving as the gateway to expanding international footprint into the growing
ASEAN and APAC markets.

"This development further strengthens our ability to offer next generation
smart meters through our broad meter portfolio," Connolly said.

Aclara's expansion of its international business began with the 2015
acquisition of the electric meters business operating within GE Power's Grid
Solutions subdivision as well as its 2016 acquisition of Tollgrade
Communications In's smart grid sensor solution, the grid monitoring
platform.

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Link to Original Article:
https://www.dealstreetasia.com/stories/philippines-aclara-acquires-ges-major
ity-stake-in-meralco-jv-79481/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com