National Pension Service, South Korea’s biggest state fund, has bought Chevron Corp.’s stake in Colonial Pipeline Co. in partnership with Kohlberg Kravis Roberts & Co. to diversify its investment portfolio.
The South Korean fund has purchased a 23.44 percent stake in the operator of the largest pipeline linking U.S. Gulf Coast refiners and East Coast markets, National Pension said in an e-mailed statement today, without disclosing the transaction value.
