A $3.3-BILLION deal involving the acquisition of power facilities and a liquefied natural gas (LNG) terminal by Meralco PowerGen Corp. (MGen), Aboitiz Power Corp.'s (AboitizPower) Therma Natgas Power Inc. (Therma), and San Miguel Global Power Holdings Corp. (San Miguel Global Power) has been approved, the Philippine Competition Commission (PCC) announced.

MGen and Therma, through their joint venture Chromite Gas Holdings Inc. (Chromite), acquired a 67-percent equity interest in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corp.,