KKR exits First Gen with $410m stake sale
Private investment major KKR has sold its entire holding in Philippine power producer First Gen for approximately PHP25.77bn ($410.5m), bringing its six-year investment in the company to an end, according to a report Reuters.
KKR, a prominent private investment firm, has concluded its six-year investment in Philippine power producer First Gen by selling its entire stake for an estimated PHP25.77 billion ($410.5 million), as reported by Reuters. This transaction, executed through KKR's arm Valorous Asia Holdings, entailed the sale of 715.9 million shares, constituting KKR's full 19.9% ownership in the publicly traded energy company.
The shares were subsequently acquired by Angsana Finance. This exit follows KKR's attempt in August to bolster its investment in First Gen by proposing an additional 8.43% stake from the company's parent, First Philippine Holdings. The proposed transaction would have valued First Gen at PHP165.44 billion and potentially expanded KKR's involvement significantly.
However, First Philippine Holdings declined KKR's offer, effectively ending KKR's expansion plans. KKR originally entered into a voluntary tender offer for First Gen in 2020, signaling its commitment to the Philippines' leading energy producer, which operates across natural gas, renewable energy, and various power generation assets.
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