KKR sells entire stake in Philippines-based First Gen for $411 million

Sept 14 : U.S. private equity firm KKR has sold its entire stake in Philippine power producer First Gen for about 25.77 billion pesos ($410.48 million), an exchange filing showed on Monday, weeks after the parent company rejected KKR's attempt to expand its holding.

Here are the details:

• KKR, through its investment vehicle Valorous Asia Holdings, sold 715.9 million shares in First Gen, offloading its entire 19.9 per cent stake in the company and ending a six-year investment.

• According to the filing, investment firm Angsana Finance bought the shares.

• The sale marks a reversal of KKR's strategy, which about a month ago was looking to buy an additional 8.43 per cent stake in First Gen from its parent company First Philippine Holdings Corp.

• The proposal included a potential mandatory tender offer from KKR for the entire public float of 11.67 per cent of First Gen's 3.60 billion outstanding common shares, valuing the company at around 165.44 billion pesos.

• First Philippine Holdings subsequently rejected KKR's proposal to buy a stake in the power producer.