June 20, 2018 / 5:53 AM / 3 months ago

French utility Engie to get 2.6 billion euros from Glow Energy sale

PARIS (Reuters) - French utility Engie (ENGIE.PA) said the sale of its 69 percent stake in Thailand’s Glow Energy Pcl (GLOW.BK) would result in net proceeds of 2.6 billion euros ($3 billion) for Engie.

Engie added that the sale would also result in a 3.3 billion euros reduction in Engie’s net debt.

“With the disposal of its interests in Glow, Engie will no longer operate any coal-fired assets in Asia-Pacific, and will reduce its global coal-fired generation installed capacity by 14 percent,” Engie added in a statement.

Thai energy giant PTT Pcl (PTT.BK) had earlier said it will buy Glow Energy Pcl, in a deal that could be worth more than $4 billion as it seeks to play a bigger role in supplying power to the country’s industrial heartlands.

Reporting by Sudip Kar-Gupta

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