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PCC clears Scatec Solar's 100% acquisition of shares in SN Power


January 19, 2021 | 12:01 am
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THE Philippine Competition Commission (PCC) said it recently approved the acquisition by Scatec Solar ASA, a Norwegian renewable energy company, of 100% shares in SN Power AS.
In an e-mailed statement, the commission said its Mergers and Acquisitions Office found that the transaction between Scatec Solar and SN Power “does not result in substantial lessening of competition in the nationwide markets of renewable power generation and electricity supply since there is no horizontal or vertical relationship between the acquiring entity, including its notifying group, and the acquired entity and the entities it controls.”
The commission issued its decision on Jan. 14. The overall equity value was placed at $1.166 billion. ....

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PCC approves buy-out of SN Power


   
SN Power has investments in hydro-power businesses in the Philippines through a joint venture with Aboitiz Renewables Inc. 
The PCC said its Mergers and Acquisitions Office (MAO) found that the transaction does not result in substantial lessening of competition in the nationwide markets of renewable power generation and electricity supply.
This is because there is no horizontal or vertical relationship between the acquiring entity, including its notifying group, and the acquired entity and the entities it controls.  
With the transaction’s overall equity value set at US$1.17 billion, the Scatec Solar-SN Power transaction is the first approved transaction for 2021 following the new thresholds of P50 billion (US$1 billion) under the Bayanihan II Act, and the 208 ....

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