Liberty Energy Solutions’ holding company Alliance Energy Services will acquire Singapore-headquartered PEC in a transaction valued at $160m (S$206.5m).
According to Liberty Energy’s announcement, the agreement has been approved via a scheme of arrangement at an extraordinary general meeting in Singapore.
This approval paves the way for PEC to be delisted from the Singapore Stock Exchange following the buyout.
PEC provides maintenance and EPC services for various industries including oil and gas and pharmaceuticals.
The company reported revenue of S$391m and profit of S$15m for the past 12 months ending 31 December 2024.
Liberty Energy holds a majority stake in Alliance Energy Services and PEC’s chair Edna Ko and CEO Robert Dompeling own a minority interest.
Liberty Energy is a provider of energy engineering solutions and products to the oil and gas and petrochemical sectors. The company undertakes 200 plant turnarounds annually for global clients.
With operations spanning the US, Canada, Asia and the Middle East, Liberty Energy is known for its advanced research and development and extensive field experience.
The company's client list includes industry giants such as ExxonMobil, Chevron and bp. Liberty Energy also owns CR3 and ZymeFlow, subsidiaries specialising in energy efficiency and chemical cleaning solutions, respectively.
ShawKwei & Partners, the controlling shareholder of Liberty Energy, alongside management ownership, supports the company's strategic vision.
Liberty Energy chair and ShawKwei founder and managing partner Kyle Shaw said: "We are excited to welcome PEC into Liberty Energy. PEC's strong management team, technical expertise, and reputation for reliability and service excellence align well with our strategy of building a global platform for best-in-class energy solutions."
PEC will retain its leadership with Ko and Dompeling at the helm, collaborating with Liberty Energy to enhance service offerings.
The acquisition strengthens Liberty Energy's global reach and reinforces its position as a provider of comprehensive energy solutions.
