Thailand’s largest private power producer, Ratchaburi Electricity Generating Holding, has launched a formal $409 million bid to buy a majority stake in Transfield Services Infrastructure Fund (TSI), The Wall Street Journal reports. Ratchaburi will buy the 56.2% of the fund it does not already own and will hold a 80% stake in the fund after the deal.

The transaction will value the Australian power station owner at $889.3 million, including its net debt of $481.3 million, adds Reuters. The fund’s parent company, Transfield Services, which currently holds 43.8% of the fund, will retain a 20% stake after the deal. The proposal also includes the sale of Transfield’s development businesses, including its portfolio of windfarms, to the fund for up to $27.32 million.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.