A group led by Temasek Holdings has acquired a 70% stake in U.S. energy company, Frac Tech Holdings, The Wall Street Journal reports. The consortium, including South Korea’s sovereign-wealth fund paid about $3.5 billion for the stake.
The Singapore state-owned investment firm contributed over $1 billion, while Korea Investment Corporation paid $250 million. The consortium also includes the Canadian Public Sector Pension Investment Board, which paid $130 million. The deal is also being partially funded by a five-year $1.7 billion loan from financial advisors, Bank of AmericaMerrill Lynch and Citigroup.
