NPS co-invests in Morgan Stanley fund’s US energy firm purchase
Sep 22, 2018 (Gmt+09:00)
The National Pension Service (NPS) has poured around $100 million into a co-investment led by a Morgan Stanley fund to acquire units of a US shale gas gathering and processing company for approximately $1.75 billion.
North Haven Infrastructure Partners II, an investment vehicle of Morgan Stanley, agreed in April to buy Delaware Basin subsidiaries of Texas-based Brazos Midstream Holdings LLC in a cash deal, according to a Morgan Stanley announcement.
SK Holdings Co. Ltd., South Korea’s biggest energy company, has also invested $251 million in the acquisition, the company said in a regulatory filing in May.
The transaction includes committed debt financing of $950 million underwritten and arranged by Jefferies Finance LLC and Royal Bank of Canada, Morgan Stanley added.
The co-investment by NPS was first reported by the Seoul Economic Daily on Sept. 20 and confirmed by a source with knowledge of the matter.
It comes after the $580 billion pension scheme put around 100 billion won into an equity stake in Dental Corporation, Canada’s largest network of dental clinics, in a co-investment with a private equity firm earlier this year.
By Chang Jae Yoo
yoocool@hankyung.com
Edited by Yeonhee Kim
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