Global investment firm increasing First Gen ownership for Php8.68B

fgen-kkr

Global investment firm KKR said it is about to complete its Php8.68 billion additional capital outlay via a voluntary tender offer to increase of its ownership of First Gen Corporation.

In a statement by KKR, which First Gen disclosed to the Philippine Stock Exchange (PSE), the multinational firm said it would be acquiring a total of 262.9 million common shares of the Lopezes’ power generation arm at Php33 apiece. KKR had planned to buy only 205 million shares, but decided to proceed otherwise.

The transaction will be formalized through a block sale in the PSE this Friday (October 8).

KKR, through Singapore-based unit Valorous Asia Holdings Pte. Ltd., currently owns 12.6% of First Gen. Following the transaction, it will be holding 19.9% percent of the Lopez-controlled firm.

“After having been invested in First Gen for this past year, our admiration for [its] business and strategy – including its work to support the energy transition in the Philippines – as well as its Board and management team has only increased,” Michael De Guzman, a Managing Director on KKR’s infrastructure team, said in a statement.

“This investment marks the latest milestone for KKR in the Philippines, and deepens our commitment to the market,” he continued.