A CLARA Technologies Llc.., a supplier of smart infrastructure solutions to electric, gas and water utilities worldwide, has acquired General Electric’s (GE) stake in GE Philippines Meter & Instrument Co. Inc. (Gepmic).
Gepmic is a joint venture (JV) between GE and Manila Electric Co. (Meralco).
According to a statement, Aclara said it will own a majority equity position in Gepmic. It did not give details.
When sought for comment, Meralco Legal Head William S. Pamintuan said “Aclara is buying GE’s entire 65-percent stake” in Gepmic, which also supplies electric solutions in other Asean member-countries and Japan. Meralco will maintain its current equity position in Gepmic, Pamintuan added.
Aclara said it considers the Philippines as one of the key markets for its continued international expansion.
“Holding a majority equity position in this joint venture enhances our global market leadership, as it is the gateway to expanding our international footprint into the growing Asean and Asia-Pacific markets,” said Allan Connolly, Aclara president. “This development further strengthens our ability to offer next generation smart meters through our broad meter portfolio.”
“We look forward to bringing decades of technical expertise to a growing market that is beginning to embrace the benefits of smart meters and next generation smart infrastructure solutions,” Connolly added.
Aclara’s expansion of its international business began with the 2015 acquisition of the electric meters business operating within GE Power’s Grid Solutions subdivision, as well as its 2016 acquisition of Tollgrade Communications Inc.’s smart grid-sensor solution, the grid-monitoring platform.
Aclara is an affiliate of Sun Capital Partners Inc., a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results.