KKR Makes Follow-up Investment in First Generation Through Voluntary Takeover Offer | Business
MANILA, Philippines – (BUSINESS WIRE) – October 5, 2021–
KKR, a leading global investment firm, announced today that following the completion of the voluntary takeover bid period by Philippines Clean Energy Holding Inc. (the “Offeror” ), an entity owned by KKR investment funds, the Bidder has waived its maximum limit of 205 million shares under the tender offer and has accepted all of the 262,937,672 ordinary shares of First Gen Corporation (PSE: FGEN) (“First Gen” or the “Company”) which were deposited by the shareholders at the close of the offer offer. The shares deposited and accepted by the Offeror represent approximately 7.3% of the outstanding common shares of First Gen.
The Offeror intends to acquire all of such Deposited Common Shares at a price of 33 (US $ 0.65) per Common Share through a block sale on the facilities of the Philippine Stock Exchange, Inc. on October 8, 2021, the previously set crossing date. in the Offeror’s tender documents. The transaction represents a total investment value of 8.68 billion yen (approximately 171 million US dollars). With the completion of the share acquisition, KKR, which is an existing shareholder of First Gen, will hold an approximate 19.9% stake in the company.
First Gen is one of the largest independent power producers in the Philippines and is a subsidiary of First Philippine Holdings Corporation. First Philippine Holdings of the Lopez Group is one of the most established conglomerates in the Philippines. The Company mainly produces electricity using renewable energies and indigenous fuel sources such as natural gas, geothermal energy from steam, hydroelectricity, wind and power. solar. First Gen has 3,495 megawatts of installed capacity in its portfolio, which represents 19% of gross power generation in the Philippines.
Michael de Guzman, Managing Director of KKR’s Infrastructure team, said: “After investing in First Gen over the 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 of directors and management team have only grown. Today, we are thrilled to have this opportunity to expand our stake in First Gen and support its work to provide essential energy solutions to millions of Filipinos across the country. This investment marks the last major milestone for KKR in the Philippines and strengthens our commitment to the market. “
Southeast Asia is a key part of KKR’s infrastructure strategy in Asia, and KKR’s new investment in First Gen extends the company’s track record as an active investor in the region across all classes. of assets. In addition to First Gen, KKR’s investments in the Philippines include Pinnacle Towers, a leading independent telecommunications tower platform; Metro Pacific Hospitals, the country’s largest operator of private hospitals and healthcare network; and Voyager Innovations, a leading technology company.
KKR makes its investment from its Asia Pacific Infrastructure Fund.
About KKR
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information on KKR & Co. Inc. (NYSE: KKR), please visit the KKR website at www.kkr.com and on Twitter @ KKR — Co.
About the first generation
First Gen is a leading independent power producer in the Philippines that primarily uses clean and indigenous fuels such as natural gas, geothermal power from steam, hydropower, wind and solar power. . The Company has 3,495 MW of installed capacity in its portfolio, which represents 19% of the country’s gross generation. First Gen is a subsidiary of First Philippine Holdings Corporation, one of the most established conglomerates in the Philippines, and has over 20 years of experience in energy development. It is part of the Lopez group of companies.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211005005543/en/
CONTACT: KKR Media Contacts: Anita Davis
+852 3602 7335
[email protected] Wei Jun Ong
+65 6922 5813
[email protected] (For KKR in the Philippines)
Alexandre capiz
+639175474708
KEYWORD: PHILIPPINES ASIA PACIFIC
INDUSTRY KEYWORD: INSURANCE FINANCE CONSULTING OTHER ENERGY OIL / GAS PROFESSIONAL SERVICES ALTERNATIVE ENERGY ENERGY OTHER PROFESSIONAL SERVICES
SOURCE: KKR
Copyright Business Wire 2021.
PUB: 05/10/2021 20: 00 / DISC: 05/10/2021 20:02
http://www.businesswire.com/news/home/20211005005543/en
Copyright Business Wire 2021.