Global investment firm KKR plans to acquire 7.3 percent of the common shares of First Gen Corp. valued at P8.68 billion or $171 million.
KKR said Wednesday it waived its maximum limit of 205 million shares under the terms of the tender offer and accepted all of the 262,937,672 common shares of First Gen that were tendered by shareholders at the close of the tender offer.
This followed the completion of the voluntary tender offer by Philippines Clean Energy Holding Inc., an entity owned by KKR investment funds.
“After having been invested in First Gen for this past year, our admiration for First Gen’s 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, managing director on KKR’s Infrastructure team, said in a statement.
“Today, we are pleased to have this opportunity to extend our shareholding in First Gen and support its work to provide critical energy solutions to millions of Filipinos across the country. This investment marks the latest milestone for KKR in the Philippines, and deepens our commitment to the market,” said de Guzman.