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Published December 24, 2020, 5:00 AM Meralco PowerGen Corporation (MGEN), a power generation investment subsidiary of Manila Electric Company (Meralco) has acquired 86-percent shareholdings of affiliate firm Global Business Power Corporation (GBP) for P34.466 billion. The stake acquisition by MGEN was carried out through the transfer of the shareholdings of Beacon Powergen Holding Inc. (BEAHI), a wholly owned subsidiary of Metro Pacific Investments Corporation (MPIC); and the interest held by JG Summit Holdings Inc. of the Gokongwei group. The purchase price of the transferred BEAHI shareholdings had been pegged at P22,443,400,000.00 – and that accounted for its 56-percent equity in GBP. For the JG Summit shares, the transaction amounted to P12,023,250,000.00 for the 30-percent ownership of the Gokongwei firm in Global Power.

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