Ashmore to pay $550 million for 40% of Petron Corp

Ashmore is buying its 40% stake in the Philippine oil refiner from Aramco, which bought into Petron when the company was privatised 14 years ago.

London-based investment fund Ashmore Group agreed to pay $550 million for Aramco Overseas BVÆs 40% stake in Petron Corp, the PhilippineÆs largest domestic oil refiner, on March 19 after talks between the parties last week.

Ashmore, advised by JP Morgan, would make the purchase through its SEA Refinery Holdings unit, and pay $200 million when the deal is closed and the $350 million balance within 12 months. A company disclosure on Monday revealed that the transaction is covered by...

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