KKR to raise stake in First Gen Corporation

Global investment firm KKR & Co. Inc. plans to acquire an additional stake in First Gen Corp. after its affiliate, Philippines Clean Energy Holding Inc. made a tender offer for shares.

Philippines Clean Energy is reported to make an offer to acquire a minimum of 107.9 million to 205 million outstanding common shares from existing shareholders of First Gen for P33 apiece. Approximately 3 to 5.7% of First Gen, the shares to be acquired cost PHP3.56 billion (US$71.2 billion) to PHP6.765 billion (US$135.3 billion).

Philippines Clean Energy’s tender offer will end at 12 p.m. on September 29, 2021.