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Manila Bulletin devider Business devider The Stock Market devider FPH weighs KKR's buyout proposal for First Gen

FPH weighs KKR's buyout proposal for First Gen

Published Aug 12, 2026 04:04 pm
Eugenio “Gabby” Lopez III and Federico “Piki” R. Lopez
Eugenio “Gabby” Lopez III and Federico “Piki” R. Lopez
First Philippine Holdings Corp. (FPH) confirmed receiving a preliminary, non-binding proposal from global investment firm Kohlberg Kravis Roberts & Co. (KKR) to acquire a significant additional stake in energy unit First Gen Corp. as part of a strategy to privatize the power producer.
In a disclosure to the Philippine Stock Exchange on Wednesday, Aug. 12, FPH confirmed that KKR intends to purchase an 8.43 percent block of shares directly from FPH at ₱35 per share—a 117 percent premium over the July closing price. This would be followed by a voluntary tender offer for the remaining 11.67 percent public float to facilitate a voluntary delisting.
While the deal could provide FPH with a ₱10.6 billion cash windfall while allowing it to retain control of the company, FPH emphasized that it is currently evaluating the proposal and has not signed formal agreements or appointed advisors.
KKR holds a 19.9 percent stake in First Gen. By acquiring an additional stake from FPH, KKR could help the power firm voluntarily delist from the local bourse.
Plans to go private were disclosed in November 2025, when First Gen expressed openness to a buyout. This would mirror the path taken by its geothermal subsidiary, Energy Development Corp. (EDC), which delisted in 2018.
Analysts previously noted that privatization could benefit First Gen, pointing to the stock’s historical undervaluation, low trading liquidity, and thin public float.
First-half net income grew marginally to ₱8.7 billion, even as earnings reflected the November 2025 divestment of its 60 percent natural gas stake to Prime Infrastructure Capital Inc.
Revenues for the period surged 73 percent to ₱41.1 billion from ₱23.7 billion in 2025, driven by higher electricity sales volumes and improved tariff realization, particularly within EDC’s operations. (James A. Loyola)

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First Philippine Holdings Corp. (FPHC) First Gen Corp. (FGen)
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