By Stephen Nakrosis
GIC Private Ltd., manager of Singapore's foreign reserves, acquired an about 11% minority interest in Duke Energy Corp.'s Indiana subsidiary, the companies said Wednesday.
GIC paid about $1.03 billion for the stake, the first phase of a two-phase closing, the companies said, adding that GIC will ultimately acquire a 19.9% stake for $2.05 billion.
Ang Eng Seng, GIC's chief investment officer of infrastructure, said the company is "committed to actively engaging with Duke Energy's management team to support their clean energy transition goals and build long-term sustainable value."
Duke Energy said it will remain as majority owner and sole operator of Duke Energy Indiana.
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(END) Dow Jones Newswires