KKR sells entire stake in Philippines-based First Gen for $411 million
Sept 14 : U.S. private equity firm KKR has sold its entire stake in Philippine power producer First Gen for about 25.77 billion pesos ($410.48 million), an exchange filing showed on Monday, weeks after the parent company rejected KKR's attempt to expand its holding.
- KKR, through its investment vehicle Valorous Asia Holdings, sold 715.9 million shares in First Gen, offloading its entire 19.9 per cent stake in the company and ending a six-year investment.
- According to the filing, investment firm Angsana Finance bought the shares.
CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less • The sale marks a reversal of KKR's strategy, which about a month ago was looking to buy an additional 8.43 per cent stake in First Gen from its parent company First Philippine Holdings Corp. • The proposal included a potential mandatory tender offer from KKR for the entire public float of 11.67 per cent of First Gen's 3.60 billion outstanding common shares, valuing the company at around 165.44 billion pesos. • First Philippine Holdings subsequently rejected KKR's proposal to buy a stake in the power producer. ($1 = 62.8050 Philippine pesos)
- The sale marks a reversal of KKR's strategy, which about a month ago was looking to buy an additional 8.43 per cent stake in First Gen from its parent company First Philippine Holdings Corp.
- The proposal included a potential mandatory tender offer from KKR for the entire public float of 11.67 per cent of First Gen's 3.60 billion outstanding common shares, valuing the company at around 165.44 billion pesos.
- First Philippine Holdings subsequently rejected KKR's proposal to buy a stake in the power producer.
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Get our pick of top stories and thought-provoking articles in your inbox
Stay updated with notifications for breaking news and our best stories
Join our channel for the top reads for the day on your preferred chat app
