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philstar.comSEP 192 min read$KKR

KKR exits First Gen via P25.8 billion share sale

KKR sold its 19.9% stake in First Gen Corp. for P25.77 billion ($470.5 million) to Angsana Finance, a subsidiary of Gateway Holdings. The sale, at P36 per share, was higher than First Gen's closing price of P23.70. KKR's senior advisor resigned post-transaction. Analysts suggest Gateway's entry may influence First Gen's strategic direction.

Original reporting
philstar.com
Published Sep 19, 2026, 4:45 PM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Sep 19, 2026, 5:23 PM UTC. Informational, not investment advice.
How this was made
AlphAI summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
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KKR exits First Gen via P25.8 billion share sale — source image
Source · philstar.com
Decision brief

The 30-second read

$KKRNeutralHigh
01

Why it matters

The sale provides First Gen with a sizable cash injection and may trigger strategic shifts, while KKR reduces exposure to the Philippine power market.

02

Market read

A major stake sale in a regional utility with a premium price, affecting both the seller (KKR) and the target (First Gen).

03

What to watch

Potential regulatory or political risks affecting the new shareholder Gateway Holdings' strategy.

Relevance 9/10Novelty 9/10Timing: post‑deal announcement

Background

KKR had been a shareholder in First Gen since 2020 and attempted to increase its stake before the exit.

Company-level read

Ticker impact

$KKRNeutralHigh confidence
Context

KKR sold its entire 19.9% stake in First Gen for P25.77 billion, exiting the investment.

Expected impact

Potential short‑term downside for KKR as investors reassess exposure; limited impact on First Gen price after premium sale.

Evidence & confidence

The transaction size (~$460 m) and premium to market price are material and disclosed for the first time.

Market effects

Sector

Highlights consolidation activity in the Philippine power sector and may spur further M&A.

Regional

Adds liquidity to the Philippine market and may influence investor sentiment toward emerging‑market private‑equity exits.

Global

Shows KKR reallocating capital from Southeast Asia, relevant for global PE exposure assessments.

Counterpoint

What could challenge this read

The premium may be overstated; First Gen could face execution risk on future growth plans.

Key entities

  • Investor
    Kohlberg Kravis Roberts & Co.

    Global private‑equity firm exiting its First Gen stake.

  • Company
    First Gen Corp.

    Philippine power generation firm receiving the cash proceeds.

  • Investor
    Gateway Holdings Ltd.

    Acquirer of the KKR stake via Angsana Finance.

Read at source← All news

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