First Gen weighs preliminary KKR take-private proposal
The Philippine power producer says the non-binding proposal could lead to a tender for its public float and a voluntary delisting, but no transaction has been agreed.
Philippine power producer First Gen is evaluating a preliminary proposal from KKR that could reshape ownership of one of the country's largest private energy groups. The proposal matters because it may affect investment, governance and access to capital across First Gen's gas, geothermal and renewable-energy businesses.
First Gen told the Philippine Stock Exchange that the proposal is non-binding, preliminary and not capable of acceptance. No tender offer, shareholder agreement or delisting has been agreed. First Gen Corporation
Under the proposal described in the filing, KKR would buy First Philippine Holdings' 8.43% common-share stake in First Gen and enter into a shareholder agreement. KKR would then seek to acquire the 11.67% public float through a voluntary tender offer and petition for a voluntary delisting.
The filing says KKR expects a 30% control premium, which would imply an offer price of about PHP46 per share. That figure is an expectation in the proposal, not a final price or completed transaction.
For the Philippine energy market, the key question is whether a new ownership structure would support investment across First Gen's operating portfolio while protecting minority shareholders through a transparent tender process.
The next milestones are a formal board response, any binding documentation, the final tender terms and the approvals required before a delisting could proceed.
Source note
First Gen Corporation disclosed the figures and plans in a filing or company announcement dated 2026-08-13. Forward-looking statements remain attributed to the company.