The affiliates of Singaporean sovereign wealth fund GIC Pte. Ltd. closed the acquisition of a minority stake in Houston-based WaterBridge Resources LLC from private equity firm Five Point Energy LLC, valuing the water midstream company at about $2.8 billion, including debt.
GIC bought the stake from funds affiliated with Five Point Energy and WaterBridge management for an undisclosed sum, according to a May 17 news release from the private equity firm. Under the deal terms, GIC and Five Point Energy will provide additional equity capital to facilitate WaterBridge's "current pipeline of accretive acquisition and organic growth opportunities."
The acquired interest in WaterBridge is said to be 20%, The Wall Street Journal reported, citing people familiar with the matter.
Barclays was the financial adviser to Five Point Energy and WaterBridge for the deal, while Latham & Watkins LLP served as their legal adviser. Kirkland & Ellis LLP acted as legal adviser to GIC.
Founded in 2016, WaterBridge engages in acquiring, operating and monetizing noncore salt water disposal infrastructure from exploration and production companies. It filed for an IPO in the U.S. in June 2018, but reportedly abandoned its IPO plans with the investment from GIC, according to the Journal.