22.04.2016 - GIC Rounds Off Portfolio With Biggest Stock Buy in Eight Years
GIC Pte’s biggest stock transaction in eight years helps it expand holdings in an industry that it has lagged behind in: Utilities. GIC on Wednesday said it agreed to pay $1.23 billion in cash to buy 19.9 percent of U.S. power line operator ITC Holdings Corp. from Canada’s largest utility owner Fortis Inc. The transaction is the Singapore sovereign wealth fund’s biggest as the sole buyer of equities since it spent $6.88 billion on Citigroup Inc. securities in January 2008, according to data compiled by Bloomberg. The state fund, over the last 12 months, bought real estate assets as well as interests in the retail, hospital and health-care industries...............................................Full Article: Source
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