MANILA -- Philippine tycoon Dennis Uy's Udenna conglomerate has reached a deal worth up to $460 million to buy a gas exploration and development company from Royal Dutch Shell, boosting its interest in the Malampaya gas field to 90%.
Malampaya Energy XP, a unit of holding company Udenna Corp., will acquire all of Shell Philippines Exploration, it was announced Thursday. The base price is $380 million, with Malampaya Energy paying up to an additional $80 million between 2022 and 2024 depending on asset performance and commodity prices.
