Singapore’s GIC buys 11% stake in AEI for US$400m

Singapore’s GIC buys 11% stake in AEI for US$400m
The Government of Singapore Investment Corp (GIC) has bought an 11% stake in US-based energy infrastructure firm AEI for US$400 million.

AEI said GIC Special Investments Pte Ltd, the private equity investment arm of GIC, made the equity investment in AEI by purchasing shares from AEI and some of its shareholders.

“This is in line with our strategy to expand and diversify our shareholder base. We believe GIC’s track record of long-term results in their investments is very much aligned with our approach to continued growth and long-term commitment to our energy infrastructure business and the development of the markets we serve,” said James Hughes, AEI’s Chief Executive Officer.

GIC is among the world’s largest fund management companies and manages more than US$100 billion in assets - in equities, fixed income, foreign exchange,
commodities, money markets, alternative investments, real estate and private
equity.

AEI is a company that owns and operates essential energy infrastructure businesses in emerging markets worldwide, earning more than US$3.2 billion in revenues during 2007.

AEI manages interests in a group of 36 energy companies with operations in 19 countries and approximately 13,700 employees. It serves more than 6.3 million customers worldwide by operating businesses in power distribution, power generation, and natural gas transportation and distribution. - CNA/AFP/al

 
Source : Channel NewsAsia - 14 May 2008

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