Thailand’s largest private power company, Ratchaburi Electricity Generating Holding, has proposed to acquire 80 percent of Sydney-listed Transfield Services Infrastructure Fund (TSI).
Ratchaburi offered A$0.85 (€0.62, $0.88) per share for the fund, which would value the deal at about A$293.9 million, given the August 2010 volume of shares stated in TSI’s most recent annual report.
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TSI is managed by Australian infrastructure maintenance services provider Transfield Services, which currently owns 43.8 percent of the fund’s shares.
Ratchaburi said it would acquire the 56.2 percent of TSI not owned by Transfield Services, and it would acquire an additional 23.8 percent of the fund from Transfield Services under a separate proposal, according to a statement on the Australian Securities Exchange.
The offer is still subject to regulatory and board approvals. The independent directors of the fund have not yet stated their view on the proposal, according to a statement.
TSI reported earnings before interest, tax, depreciation and amortisation of A$59.6 million for the first half of its 2011 financial year, an 11.9 percent increase from the earlier period.
TSI last closed up 28.5 percent at A$0.79 per share.