Aclara has acquired GE’s majority stake in the joint venture General Electric Philippines Meter & Instrument Co (GEPMICI), an electric meters producing company in Philippines.
GEPMICI is a joint venture between GE and Manial Electric, which is one of the largest electric distribution companies in the Philippines.
With the acquisition, Aclara will now own the majority of share in the joint venture company. As per the company, the stake acquisition is an important part of its global strategy, as the Philippines and other ASEAN and APAC countries are key international markets for Aclara.
Financial terms of the acquisition were not revealed.
GEPMICI not only operates in the Philippines, but supplies electric solutions to other ASEAN members countries and Japan. Meralco operates across 36 cities and 75 municipalities, with over 6 million customers in the country, including the metropolitan city of Manila.
Aclara president and CEO Allan Connolly said: “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 APAC markets. 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.
Acalara is a subsidiary of Sun Capital Partners and it provides smart infrastructure solutions (SIS) services to more than 800 water, gas and electric utilities across the world. Its offerings include smart meters and other field devices; advanced metering infrastructure; and software and services that help utilities in predicting and responding to a range of grid and distribution network conditions.
From 2015, Aclara started expanding its international business by acquiring electric meters business operating within GE Power’s Grid Solutions subdivision. In 2016, it acquired Tollgrade Communications’ smart grid sensor solution.