KKR, a prominent global investment firm, has divested its entire 19.9% stake in First Gen Corporation for approximately P25.77 billion. The shares were sold to Angsana Finance Limited at P36 per share, surpassing KKR's previous tender offer price of P35.
This sale, finalized on September 10, 2026, comes shortly after KKR's unsuccessful bid to take First Gen private by increasing its investment. The transaction included 715.8 million shares and left KKR with no remaining interest in the company.
Failed Bid Preceded Sale
Just a month prior, KKR attempted to buy an additional 8.43% of First Gen from its parent company, First Philippine Holdings, but this proposal was rejected. The parent company deemed KKR's offer inadequate, stating it did not reflect the true value of First Gen.
The proposed price did not represent First Gen’s 'true value.'
First Philippine Holdings
The buyer, Angsana Finance Limited, is a Cayman Islands-registered firm wholly owned by Gateway Holdings Limited, which has existing investments in the Philippines, including UNO Digital Bank.
In conjunction with this significant transaction, a board member, Manolo Michael de Guzman, resigned from First Gen's board. He was closely associated with KKR's investment strategy as a senior adviser.
- KKR sold 19.9% stake in First Gen for P25.77 billion.
- Shares sold at P36 each, higher than previous tender offer.
- Angsana Finance, linked to Gateway Holdings, is the buyer.
This exit signals a strategic shift for KKR, which had been trying to solidify its presence in the Philippine energy sector. The failed bid and subsequent sale reflect broader challenges that foreign investors face in navigating local market valuations.