PEC Ltd, a well-established Singapore-based provider of maintenance and integrated EPC services, is set to be acquired by Alliance Energy Services Pte Ltd in a transaction valued at $160 million. Shareholders of PEC approved the 100% acquisition through a Scheme of Arrangement at an Extraordinary General Meeting held in Singapore on May 6.

Following the necessary sanction from the High Court of Singapore, all shares of PEC will be acquired by Alliance. Subsequently, PEC will be delisted from the Singapore Stock Exchange, marking the end of its public trading.

Alliance Energy Services Pte Ltd is a holding company with a majority ownership stake held by Liberty Energy Solutions Ltd, a US-based provider of energy engineering solutions and proprietary products for oil & gas refineries and petrochemical facilities globally.

Liberty Energy boasts a significant international presence with operations spanning the US, Canada, Singapore, Thailand, Malaysia, India, and the Middle East. The company is known for its advanced research and development capabilities, holding over 200 patents. It undertakes more than 200 plant turnarounds annually for major global clients, including industry giants such as ExxonMobil, Reliance, SPRC, Neste, Chevron, Nayara, Petronas, BP, and Shell.

Liberty Energy's portfolio includes two wholly-owned subsidiaries: CR3 Pte Ltd, a Singaporean leader in energy efficiency and sustainable solutions, and ZymeFlow LLC, a Houston-based specialist in environmentally friendly chemical cleaning and decontamination solutions. ShawKwei & Partners, a private equity firm, is the controlling shareholder of Liberty Energy, with the company's management also holding shares.

Founded in 1982 and headquartered in Singapore, PEC has built a strong reputation in the oil & gas, petrochemical, chemical terminals, and pharmaceutical industries. For the twelve months ending December 31, 2024, PEC reported a revenue of SGD 391 million and a net profit of SGD 15 million. The company also possesses a robust balance sheet with a net cash position of SGD 142 million.

Kyle Shaw, Chair of Liberty Energy and founder and managing partner of ShawKwei, expressed enthusiasm about the acquisition, stating, "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 continue its operations under the leadership of Chair Edna Ko and CEO Robert Dompeling. The collaboration with Liberty Energy is expected to broaden PEC's range of engineering services and products, enabling them to deliver enhanced value to a wider customer base.