First GenGlobal investment firm KKR on June 29 announced that following the completion of the voluntary tender offer period by Valorous Asia Holdings, an entity owned by KKR investment funds, Valorous has accepted all of the 427,041,291 common shares of First Gen Corporation that were tendered by shareholders at the close of the tender offer, representing approximately 11.9% of First Gen’s outstanding common shares.

Valorous intends to acquire all of these tendered common shares at a price of P22.50 ($0.45) per common share, representing a total investment value of P9.6 billion ($192.2 million).

David Luboff, partner and head of Asia Pacific infrastructure at KKR, said: “We are thrilled to make this infrastructure investment in the Philippines in First Gen. We have long viewed First Gen as an exceptional business with a highcaliber leadership team, and we have great respect for the Lopez family for building this strong, well-established company.”

Federico R. Lopez, chairman and chief executive officer of First Gen, said: “We welcome the news of KKR’s successful tender for First Gen shares and feel quite honored of the confidence they have in our country, our company, our management and the strategic choices we’ve made toward clean energy. It’s especially exciting given the accelerating transition we all need to make toward a decarbonized future and we look forward to engaging with a world-class global investor such as KKR as we navigate the journey ahead as partners.”

Southeast Asia is a key part of KKR’s Asia infrastructure strategy. Its investment in First Gen extends the firm’s track record as an active investor in Southeast Asia across asset classes.