Singapore state investment firm Temasek Holdings is spending as much as A$300 million (US$198 million) to acquire a minority stake in Australian ETF manager Betashares.
Betashares, which announced the deal in a statement on June 17, says it has entered into a binding agreement with Temasek.
The Singapore company will join Betashares employees and US private equity firm TA Associates as shareholders.
No detailed information was provided, including the size of the stake and whether Temasek is buying the shares from an existing shareholder or through the issuance of new shares.
According to Alex Vynokur, founder and chief executive officer of Betashares, Temasek’s entry will help accelerate the next phase of the ETF manager’s journey, both organically and through acquisitions and strategic investments.
“Since founding the business 14 years ago, we have developed a leading position in Australia’s ETF industry… Looking ahead, we are focused on realising our vision by harnessing our passion for innovation and expanding our presence across more products, services, and international markets,” he says.
Temasek had a net portfolio value of S$403 billion ($297 billion) as of March 31, 2023.
