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KKR Buys 11.9% Stake In First Gen

Global investment firm KKR said that it has acquired 427.04 million common shares
of First Gen Corp. through an voluntary tender offer. It represents about 11.9% of First Gen's outstanding common shares.

The company plans to acquire all of the tendered common shares at a price of US$0.45 per common share on July 1, 2020, representing a total investment value of US$192.2 million.

First Gen has 3,492 megawatts of installed capacity in its portfolio, which accounted for 21% of the Philippines' gross power generation in 2019.

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