Liberty Energy, which is majority-owned by ShawKwei & Partners, has completed the $165 million acquisition and final delisting of PEC Ltd from the Singapore Exchange, according to an announcement on Thursday.
PEC will continue to operate under the leadership of Chair Edna Ko and CEO Robert Dompeling as they now join Liberty Energy in meeting global energy service, product, and solution demands.
Liberty Energy has two wholly-owned subsidiaries—energy engineering solutions firm CR3 Group (CR3) and ZymeFlow LLC, an innovator in chemical decontamination technologies.
“This addition of PEC’s operational expertise to Liberty Energy strengthens CR3’s engineering and manufacturing capabilities, broadens the group’s geographic spread of customers, and creates more opportunities for ZymeFlow’s proprietary decontamination technology. There are tremendous opportunities with the changing energy industry and Liberty Energy is now best positioned to serve our global clients with world-class products and services,” said Kyle Shaw, Founder and Managing Partner of ShawKwei and Chairman of Liberty Energy.
Liberty Energy provides energy engineering solutions and proprietary products to oil & gas refineries and petrochemical facilities around the world. Its operations span the US, Canada, Singapore, Thailand, Malaysia, India, and the Middle East.
The company had announced its intent to acquire PEC in May this year.
The acquisition of PEC by Liberty Energy adds to a growing trend of Singapore-listed companies opting to go private amid market conditions that challenge public valuations and trading liquidity.
Earlier this year, Econ Healthcare (Asia), a Singapore-listed nursing home operator, received a take-private offer from vehicles managed by private equity major TPG in a deal valued at S$88 million ($67 million). If completed, the Econ deal will further underscore the shift by strategic and private equity investors toward unlocking long-term value through delistings and operational transformation, as public markets continue to present limited upside for certain sectors and company sizes.
