Stephens Inc. AR Sells 176,200 Shares of KKR Real Estate Finance Trust $KREF

KKR emailed First Philippine Holdings (FPH) and First Gen Corp. on July 10 with a three-step plan, disclosed in an Aug. 13 letter to the PSE. KKR would buy 8.43% of First Gen from FPH, then buy the 11.67% public float, and seek delisting. KKR says any change-of-control deal would trigger a mandatory tender offer and a control premium at least 30% above its offer price (about P46 vs ~P35).

Reuters reports Nvidia is partnering with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to launch compute financing platforms to raise over $500 billion of third-party capital for AI infrastructure. Nvidia said it can backstop up to $125 billion. The article also cites Apollo and Blackstone funding Anthropic’s $35 billion expansion and Meta’s $27 billion deal with Blue Owl.

KKR proposed to increase its stake in First Gen Corp., a Lopez-led power producer, by buying an additional 8.43% from First Philippine Holdings and then launching a voluntary tender offer for the remaining 11.67% public float to support voluntary delisting from the PSE, according to First Gen. KKR’s offer implies a control premium of at least 30% above its price, about P46/share. First Gen shares rose 2.38% to P28.

KKR will acquire medical device outsourcing company Integer Holdings in an all-cash deal valued at about $5.7 billion, paying $127 per share and assuming Integer’s outstanding debt, according to the companies. The offer implies a 4.78% premium to Integer’s Friday close. Integer shares rose 2.4% premarket. KKR said it will expand its healthcare portfolio.

KKR (NYSE: KKR) made an equity investment in Crowe Advisory LLC, the advisory unit of Crowe, a public accounting and consulting firm. The deal restructures services so Crowe Advisory provides tax and non-attest advisory work, while Crowe LLP keeps licensed attest services. Crowe reported about $1.3B revenue in FY2024.

Midday movers included Jabil, up 5% after a UBS upgrade to Buy, and AppLovin, down 5% after Bank of America downgraded to neutral and cut its price target to $400. Aramark rose 9% after Q3 beat and raised forecast. Under Armour fell 8% on a Barclays downgrade. Upwork dropped 13% on weaker guidance. Fermi jumped 22% after a first binding lease with TensorWave for 222 MW and about $6.5B contracted revenue.