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Business deals

KKR takes 12% stake in Philippine power major First Gen for $190m

US buyout firm seeks bigger footprint in Asian infrastructure

First Gen produced 21% of the domestically generated electricity in the Philippines in 2019. (Photo courtesy of First Gen)

MANILA -- U.S. investment firm KKR has acquired an 11.9% stake in First Gen, a leading Philippine power producer, for 9.6 billion pesos ($193 million), in a move that expands in presence in Asian infrastructure.

The buyout fund originally aimed to acquire 6% to 9% of First Gen in a tender offer through June 24. But the offer price of 22.5 pesos per share, a roughly 27% premium, drew a more subscriptions than expected.

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