Global Business Power’s acquisition of Alsons Thermal Energy gets PCC’s nod
The Philippine Competition Commission (PCC) has approved Global Business Power Corp.’s acquisition of a 50 percent stake in Alsons Thermal Energy Corp.
GBPC, a leading power generation company operating in the Visayas region and Mindoro Island, will acquire the shares from the Alcantara family-led Alsons Consolidated Resources Inc.
PCC approved the transaction since it “does not result in substantial lessening of competition in the power generation market.”
“The merged firm does not have the ability or incentive to engage in foreclosure after the acquisition,” the PCC said.
“There is also sufficient competitive constraints from competitors in the said market,” it added.
PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers.