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.
The US firm disposed of 715.9 million First Gen shares through its investment vehicle Valorous Asia Holdings, representing its full 19.9% interest in the listed power company, according to an exchange filing.
Investment firm Angsana Finance acquired the shares in the transaction.
The exit comes just weeks after KKR sought to increase its exposure to First Gen. In August, the firm proposed acquiring an additional 8.43% interest from First Gen’s parent, First Philippine Holdings, in a transaction that could also have triggered a mandatory tender offer for the remaining 11.67% public float.
KKR’s proposal would have valued First Gen at approximately PHP165.44bn and potentially increased the private equity firm’s position substantially beyond its existing stake.
First Philippine Holdings subsequently rejected the offer, bringing KKR’s expansion plans to an end.
KKR initially invested in First Gen in 2020 through a voluntary tender offer. The company is one of the Philippines’ major energy producers, with interests spanning natural gas, renewable energy and other power-generation assets.
