Philippines’ First Gen eyes take-private deal from KKR at $2.7 billion valuation
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Aug 13 : A mandatory offer from KKR to buy Philippines-based First Gen Corp would value it at around 165.44 billion pesos ($2.70 billion), the power producer and its parent First Philippine Holdings said on Thursday.
First Gen disclosed on Wednesday that KKR had offered to buy an 8.43 per cent stake in the company from First Philippine.
The stake buy would likely trigger a mandatory tender offer from KKR for the entire public float of 11.67 per cent of First Gen’s 3.60 billion outstanding common shares, the power producer added. The tender offer would support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.
KKR is expected to offer around 46 pesos per share for the tender offer.
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KKR declined a Reuters request for comment.
First Gen’s shares advanced as much as 9.5 per cent to 29.95 pesos on Thursday, extending the previous session’s gains of 28.4 per cent that took them to their highest since early March 2022.
First Philippine, which holds a stake of 67.84 per cent in First Gen, gained as much as 6 per cent on the day.
($1 = 61.2330 Philippine pesos)
Source: Reuters
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