KKR acquires 11.9% stake for $192.2M in Philippines-based First Gen
Date: 2020-06-29   Author: Saipriya Iyer  Category: #news

KKR acquires 11.9% stake for $192.2M in Philippines-based First Gen

KKR & Co, a global investment firm, has recently acquired nearly 11.9% stake in First Gen Corp., a power developer in the Philippines, for $192.2 million. The stake acquisition will involve First Gen’s 427 million common shares and be carried out by Valorous Asia Holdings, KKR’s wholly owned subsidiary in Singapore.

KKR has reportedly stated that Valorous is planning to acquire all First Gen’s tendered common shares at $0.45 (22.50 pesos) per common share on 1st July 2020. The final number of shares and amount was reportedly higher than what Valorous had initially offered. The firm had initially offered to acquire a 9% stake of First Gen at $144 million (7.29 billion pesos).

First Gen has maintained a track record and extensive experience in power development for nearly 20 years. The clean energy portfolio of the company includes natural gas, geothermal, solar, and hydro projects. Additionally, it is setting up a liquified natural terminal in the City of Batangas.

Michael de Guzman, the managing director of Infrastructure team at KKR, has stated that the company will continue to support the growth trajectory and business development in the Philippines. It also has made investments of nearly 2 billion in the region. Mr. Guzman further added that the company is excited to partner and invest in the world-class infrastructure institution, First Gen.

Southeast Asia is a key region for the Asia infrastructure strategy of KKR. The recent investment of the company in First Gen extends its track record of being an active investor in the Southeast Asian region across various asset classes.

This stake acquisition marks the 3rd investment of KKR in the Philippines. The company had previously invested in the country’s operator of the largest private hospitals & healthcare networks, Metro Pacific Hospitals, and a technology company, Voyager Innovations. It is currently raising its 4th buyout funding worth $12.5 billion, with a key focus on Asia. Its exposure and investment in the region will significantly aid the businesses as they gradually recover from the COVID-19 pandemic.

Source credit:

https://www.dealstreetasia.com/stories/kkr-first-gen-stake-194768/



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

Gamma Cameras Market Expected to Witness High Growth over the Forecast Period 2020 - 2026
Author: Sachin Pashte

The Gamma Cameras Market report provides detailed competitive landscape of the global market. It includes company, market share analysis, product portfolio of the major industry participants. The report provides detailed segmentation of the Global...


Copper Woven Wire Market Comprehensive Study with Key Trends, Major Drivers and Challenges 2020-2026
Author: Sachin Pashte

Market Study Report, LLC, has added a research study on ' Copper Woven Wire market' which extends an in-depth analysis of the potential factors fueling the revenue landscape of this industry. The study also comprises valuable insights abou...


Diagnostic Electrodes Market by Technology, Application & Geography Analysis & Forecast to 2026
Author: Sachin Pashte

The Global Diagnostic Electrodes Market Report includes a comprehensive analysis of the present industry status offering basic Diagnostic Electrodes overview and then goes into each and every detail.

The new research report on Diagnostic...