By Chayut Setboonsarng
PTT unit said it will first pay $2.98 billion for Engie’s 69% stake in Glow before launching a tender offer for the remaining shares.
The joint venture deal was part of GetDoc’s plan to expand into Thailand.
The proposed acquisition will be done via PTT’s power and utilities arm Global Power Synergy.
The Thai company has agreed to buy from China’s HNA, NH’s biggest shareholder, a 26.5% stake.
Fund II is said to have backing of large Thai firms including TCP Group, Central Group, Saha Pathana and others,
From initial plans to launch in May 2018, the JV has delayed its full launch to August 2018. Is this a sign that this ambitious partnership is off to a rocky start?
The startup is also looking to close its Series A round by early next year or sooner.
The subscription forms part of IFC’s proposed $150-million financing in the Bangkok-based bank.
The second fund would make seed stage investments in deep tech companies based in the US.
Minor International has agreed to pay HNA, NH’s biggest shareholder, 622 million euros for a 26.5% stake in the hotel group, subject to certain conditions.