KKR sells entire stake in Philippines-based First Gen for $411 million
KKR sells entire stake in Philippines-based First Gen for $411 million Sept 14 (Reuters) - U.S. private equity firm KKR has sold its entire stake in Philippine power producer First Gen FGEN.PS for about 25.77 billion pesos ($410.48 million), an exchange filing showed on Monday, weeks after the parent company rejected KKR's attempt to expand its holding.
Here are the details:
KKR, through its investment vehicle Valorous Asia Holdings, sold 715.9 million shares in First Gen, offloading its entire 19.9% stake in the company and ending a six-year investment.
According to the filing, investment firm Angsana Finance bought the shares.
The sale marks a reversal of KKR's strategy, which about a month ago was looking to buy an additional 8.43% stake in First Gen from its parent company First Philippine Holdings Corp FPH.PS.
The proposal included a potential mandatory tender offer from KKR for the entire public float of 11.67% of First Gen's 3.60 billion outstanding common shares, valuing the company at around 165.44 billion pesos.
First Philippine Holdings subsequently rejected KKR's proposal to buy a stake in the power producer.
($1 = 62.8050 Philippine pesos)
(Reporting by Shravya Marakini; Editing by Sonia Cheema)
((Shravya.Marakini@thomsonreuters.com;))
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