Thailand's PTT to buy Glow Energy in jumbo M&A deal

The oil and gas group agrees to pay $3 billion to acquire a majority stake in the independent power producer from France’s Engie, potentially rising to $4.3 billion.

Thai state-owned oil and gas giant PTT said Wednesday that it will acquire a majority stake in independent power producer Glow Energy from French energy giant Engie, paying Bt97.6 billion $3 billion in what is set to be Asia’s biggest MA deal so far this year.

Thailand’s biggest company will acquire a 69.1% stake in Bangkok-listed Glow Energy through its majority-owned subsidiary Global Power Synergy, a local electricity and water supplier.

Global Power will buy 1.01 billion Glow Energy shares at Bt96.5 each, representing a 4.3% premium to the stock’s Bt92.5 Tuesday close.

Since the stake purchase exceeds half of Glow Energy’s...

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