Singapore’s Temasek Holdings and RRJ Capital will acquire a 70% stake in oilfield services provider, Frac Tech Holdings, for an undisclosed amount, The Wall Street Journal reports. Chesapeake Energy is also increasing its stake in Frac Tech to 30% from 26%.
Bank of America Merrill Lynch and Citigroup are serving as the financial advisors to Chesapeake, Temasek and RRJ Capital, adds Reuters. Texas-based Frac Tech previously said it is planning to raise up to $690 million in an initial public offering.
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