KKR invests P9.6B in FirstGen

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Global investment firm KKR through Valorous Asia Holdings has accepted all of the 427,041,291 common shares of First Gen Corp. that were tendered by shareholders of the Lopez-led firm.

The shares represent approximately 11.9 percent of the First Gen’s outstanding common shares.

In a statement, Valorous expressed its intention to acquire all of these tendered common shares at a price of P22.50 per common share on July 1, the cross date previously set out in its tender documents, representing a total investment value of P9.6 billion.

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Michael de Guzman, a managing director at KKR’s Infrastructure team, said the transaction brings to more than $1 billion the company’s investments in the Philippines.

KKR said First Gen is its third investment in the Philippines, following acquisitions in Metro Pacific Hospitals and in Voyager Innovations.

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