Barito Makes More Than $5 Billion Takeover Bid for EDC
(Bloomberg) -- Indonesia’s PT Barito Renewables Energy has made an offer to buy geothermal company Energy Development Corp. to expand in the Philippines, people familiar with the matter said, in what could be one of the largest clean energy deals in Asia in recent years.
Barito has made a non-binding cash offer that gives First Gen Corp.-backed EDC an equity value of more than $5 billion, according to the people. Including debt, EDC could reach a valuation of up to $7 billion, the people said, asking not to be identified discussing confidential information.
First Gen shares rose as much as 33% in Manila, their biggest intraday gain since the initial public offering in 2006, lifting the market capitalization to roughly $1.3 billion. Barito Renewables gained up to 3.6% in Jakarta, before paring some of the gains. Its stock has dropped more than 60% this year, giving the company a market value of almost $26 billion.
An acquisition of EDC may potentially rank as one of the largest renewable energy deals in Asia in recent years, according to data compiled by Bloomberg. It would also be among the biggest ever takeovers in the Philippines, the data showed.
The companies have been working with advisers on the potential deal, the people said, adding that deliberations are ongoing and there’s no certainty they’ll result in a transaction.
Barito Renewables is part of Barito Pacific Group. Its assets include geothermal and wind power plants, which are operated by different subsidiaries.
EDC’s backers also include Macquarie Asset Management and Singaporean wealth investor GIC Pte. The company voluntarily delisted from the Philippine Stock Exchange in 2018.
Representatives for Barito, EDC and First Gen didn’t respond to requests for comment. Macquarie Asset Management and GIC declined to comment.
First Gen, controlled by the Lopez family, is a Philippines-based clean energy company with assets spanning geothermal, hydro, wind, solar and natural gas.
(Adds share prices in third paragraph, Macquarie, GIC comments in eighth.)
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