Singapore’s Temasek acquires stake worth $3.5b in BlackRock

FILE PHOTO - A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su

Singapore’s Temasek Holdings Pte. has become one of the largest shareholders of BlackRock Inc. after it added a 3.9% stake in the money manager that’s worth about $3.5 billion.

The state-owned investor was one of several players that bought BlackRock shares when PNC Financial Services Group Inc. sold a $14 billion stake this year, according to people familiar with the matter. Temasek added 5.95 million shares in the second quarter, according to its 13F filings Friday with the U.S. Securities and Exchange Commission.

The investment has already paid dividends for Temasek, with BlackRock rising 8.4% since June 30, closing Thursday at $589.56 in New York. Temasek is now the fifth-largest shareholder, according to data compiled by Bloomberg. The two companies have worked together in the past, with talks underway for a joint venture in China.

Temasek last month reported its worst year since 2016 after the coronavirus pandemic hammered global stocks in March. The firm posted a preliminary portfolio value of S$306 billion ($223 billion) as of March 31.

The investor trimmed its U.S. holdings of Alibaba Group Holding Ltd. by half in the period, to 12.1 million shares worth $2.6 billion. It added shares of BeiGene Ltd. and China Biologic Products Holdings Inc., according to the filing.

Temasek representatives declined to comment.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.