KKR exits First Gen via P25.8 billion share sale
MANILA, Philippines — Global investment giant Kohlberg Kravis Roberts & Co. (KKR) has divested its entire stake in Lopez-led First Gen Corp. for P25.77 billion, just weeks after its bid to raise its ownership in the power firm was rejected.
KKR, through Valorous Asia Holdings Pte. Ltd., sold 715.86 million shares — equivalent to a 19.9-percent economic interest in First Gen — to Angsana Finance Ltd., a subsidiary of Cayman Islands’ Gateway Holdings Ltd.
A Philippine Stock Exchange (PSE) filing showed that the block sale was executed on Sept. 10 at P36 per share, substantially higher than First Gen’s P23.70 closing price on Sept. 11.
Following the transaction, KKR senior advisor Manolo Michael de Guzman resigned as a director of First Gen. Bank of America advised KKR on the deal.
“KKR had been in First Gen since 2020, so it was about time for it to exit and realize a return on its investment,” China Bank Capital Corp. managing director Juan Paolo Colet said when sought for insights.
While the transaction is not expected to have any immediate financial impact on First Gen, Colet said Gateway’s entry could affect how tycoon Federico Lopez charts the power firm’s strategic direction.
Gateway is an alternative investment manager focused on emerging markets across South and Southeast Asia, the Middle East and Africa.
“Given Gateway’s entry price of P36 per share, they would need to unlock significant value to make a good return, and one way to do that is through an M&A (merger and acquisition) either at the First Gen or EDC (Energy Development Corp.) level,” Colet said.
KKR’s divestment came after the Lopez Group’s First Philippine Holdings Corp. thumbed down the former’s proposal to acquire a portion of the latter’s stake in First Gen. FPH currently owns 67.84 percent of First Gen.
KKR had sought to buy an 8.43-percent stake in First Gen held by FPH and launch a voluntary tender offer for the power firm’s entire 11.67-percent public float at P35 per share.
abtestabtest PSE approves GCash parent firm’s market debut By Richmond Mercurio | 1 day ago The Philippine Stock Exchange Inc. (PSE) has given the green light to the initial public offering (IPO) application of Mynt... Business Mastercard launches Wallet Pay to expand digital wallet reach By Keisha Ta-Asan | 1 day ago Mastercard has launched a new suite of payment services to help digital wallets expand across borders and connect to more... Business Investing in the future By Mary Ann LL. Reyes | 1 day ago With several Philippine companies still pursuing plans for their respective initial public offerings (IPOs), one can’t help but wonder what they are seeing that many of us do not? Business Opportunity and opportunism By Francis J. Kong | 1 day ago There is a word that gets used constantly in the business world, celebrated in keynotes, printed on motivational posters and cited as the defining quality of every great entrepreneur. Business GCash IPO seen to boost Philippine capital market 1 day ago The scheduled initial public offering (IPO) of GCash parent Mynt Inc. could give the Philippine capital market a significant... Business Latest More in Business Landbank feted for clean energy financing PayMongo strengthens payment reliability RCBC wins awards for cash management, supply chain finance Asialink targets to disburse P28 billion via new loan program abtest Movem puts up EV charging hub at Festival Mall By Brix Lelis | 40 minutes ago Movem Electric Inc., the sustainable mobility arm of Manila Electric Co., has teamed up with the Filinvest Group to set up... Business The three stages nobody warned you about By Francis J. Kong | 40 minutes ago The moment I received one of those long, italicized “share as received” forwarded messages from Kat, my friend of many years, it actually stopped me in my tracks instead of getting scrolled past. Business Current account gap widens as imports outpace exports By Keisha Ta-Asan | 40 minutes ago The Philippines’ current account deficit widened by 51.7 percent to $15.44 billion in the first half as higher import... Business PPP Center, Cebu team up to develop project pipeline By Louella Desiderio | 40 minutes ago The Public Private Partnership Center and the Cebu provincial government have teamed up to develop a pipeline of projects... Business Recommended EDITORYAL - Pananaw ng mga mahistrado, pakinggan September 19, 2026 - 12:00am NARINIG ng Senate impeachment court ang mga pananaw ng apat na retiradong mahistrado ng Supreme Court na nagsisilbing amici curiae o “friends of the court”. BusinessSARA DUTERTE Tagong-yaman versus hayag-na-hirap September 19, 2026 - 12:00am KABILANG sa mga akusasyon kay VP Sara sa isinasagawang paglilitis ng Senate impeachment court ay ang diumano’y mga di-maipaliwanag at tagong-yaman ng bise presidente. BusinessSARA DUTERTE 21 senador lang puwedeng bumoto sa impeachment - Carpio 2 days ago Inihayag kahapon ni retired Supreme Court Associate Justice Antonio Carpio na dalawampu’t isa lamang na senador ang... BusinessANTONIO CARPIO EDITORYAL — Dapat ba agad ipatupad ang 5-termino sa BSK officials? September 17, 2026 - 12:00am IPINASA na ng Senado kamakailan sa ikatlo at huling pagbasa ang panukalang gawing limang taon ang termino ng mga opisyales ng Barangay at Sangguniang Kabataan (BSK). Sa botong 13-5, pumasa ang Senate Bill No. 2387...r BusinessELECTION Yaman ni VP Sara lumago sa P98.6 milyon noong 2025 4 days ago Lumago sa P98.6 milyon noong 2025 ang idineklarang yaman ni Vice President Sara Duterte mula P7.2M noong 2007, base sa mga... BusinessSALN next Recommended EDITORYAL - Pananaw ng mga mahistrado, pakinggan NARINIG ng Senate impeachment court ang mga pananaw ng apat na retiradong mahistrado ng Supreme Court na nagsisilbing amici curiae o “friends of the court”. 1 day ago SARA DUTERTE Tagong-yaman versus hayag-na-hirap KABILANG sa mga akusasyon kay VP Sara sa isinasagawang paglilitis ng Senate impeachment court ay ang diumano’y mga di-maipaliwanag at tagong-yaman ng bise presidente. 1 day ago SARA DUTERTE 21 senador lang puwedeng bumoto sa impeachment - Carpio Inihayag kahapon ni retired Supreme Court Associate Justice Antonio Carpio na dalawampu’t isa lamang na senador ang kuwalipikadong bumoto sa impeachment trial ni Vice President Sara Duterte. 2 days ago ANTONIO CARPIO EDITORYAL — Dapat ba agad ipatupad ang 5-termino sa BSK officials? IPINASA na ng Senado kamakailan sa ikatlo at huling pagbasa ang panukalang gawing limang taon ang termino ng mga opisyales ng Barangay at Sangguniang Kabataan (BSK). Sa botong 13-5, pumasa ang Senate Bill No. 2387 na magpapahaba sa kasalukuyang apat na taong termino. 3 days ago ELECTION Yaman ni VP Sara lumago sa P98.6 milyon noong 2025 Lumago sa P98.6 milyon noong 2025 ang idineklarang yaman ni Vice President Sara Duterte mula P7.2M noong 2007, base sa mga Statement of Assets, Liabilities and Net Worth na iniharap sa ika-25 araw ng impeachment trial. 4 days ago SALN OK Are you sure you want to log out? Yes No X Login Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!
