Market Chatter: Macquarie, GIC Mull Disposal of 30% Stake in Philippines' Energy Development Corp for $2 Billion

MT Newswires Live10-24

Australia's Macquarie Group (ASX:MQG) and Singapore's sovereign wealth fund GIC are considering a disposal of its roughly 30% stake in Philippine company Energy Development Corp (EDC) for an estimated $2 billion, Reuters reported on Oct. 22, citing two sources familiar with the matter.

Talks with advisors are in a preliminary stage, according to the unnamed sources.

A Macquarie Asset Management-led consortium, including GIC affiliate Arran Investment, acquired a stake in the renewable energy firm in 2017. It offered to pay roughly $1.3 billion for up to 31.7% of EDC.

Macquarie Group, GIC, and EDC did not immediately respond to a request from MT Newswires for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (AUD): $234.09, Change: $+1.9, Percent Change: +0.83%

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