Frac Tech Services Inc said a consortium of investors have agreed to buy the majority shareholder of the company, amidst the oilfield services provider's plans to list its shares. The company, which had said in December that it will raise up to $690 million in an initial public offering, said the investors will buy Frac Tech Holdings, LLC, which owns about 70 percent of the Cisco, Texas-based company. The investors include Maju Investments (Mauritius) Pte Ltd, a wholly-owned investment holding company of Temasek Holdings (Private) Limited (Temasek), and RRJ Capital. Chesapeake Energy Corp currently owns about 26 percent of Frac Tech.
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