First Gen of the Philippines may accept a privatization offer from KKR with a valuation of $2.7 billion.

First Gen Company of the Philippines stated on Thursday that the mandatory tender offer proposed by KKR will value the power producer at approximately 165.44 billion pesos. First Gen disclosed on Wednesday that KKR intends to acquire an 8.43% stake in the company from its parent company, First Philippine Holdings. The power producer added that this move may trigger KKR to initiate a mandatory tender offer for the entire 11.67% of First Gen's outstanding shares. This tender offer will support First Gen's voluntary delisting application submitted to the Philippine Stock Exchange.