Temasek's genco sale boosts IB revenues

Temasek's overnight sale of PowerSeraya to Malaysia's YTL Power for $2.5 billion contributes to making Southeast Asia a leading market for M&A deals this year.

In a surprising about-face, Temasek announced late Tuesday that it had sold its third Singapore generating company, PowerSeraya, to MalaysiaÆs YTL Power for S$3.8 billion $2.5 billion. The deal further reinforced that Southeast Asia is yielding large MA revenues to investment banks.

YTL Power will pay S$3.6 billion to Temasek and take on S$201 million of debt on PowerSerayaÆs books. PowerSeraya has both oil and gas generating facilities with a capacity of 3,240 megawatts.

The...

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