2025 top M&A deals in ASEAN markets

Philippine infrastructure firm Prime Infrastructure Capital Inc will acquire a 60% stake in First Gen Corp’s natural gas business for PHP 50bn (USD 895.1mn). Following the deal, First Gen will retain a 40% stake, forming a strategic partnership to expand the Philippines’ natural gas platform. The portfolio includes key assets such as the Interim Offshore LNG Terminal, and four power plants totaling over 2,000 MW. The transaction allows both parties to leverage their strengths in LNG and power generation, advancing the country’s energy security and sustainability goals.

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