Keppel Infrastructure Trust (SGX:A7RU) is believed to be on the brink of selling its chemical distribution business IXOM Limited to Stonepeak Partners LP, almost three months after a sale process ended without a transaction. It is believed lawyers are putting the finishing touches on the transaction for the business that has been in Stonepeak's sights for about a year. Final bids for Ixom were received in November and at that time, there were suggestions that offers came in between $1.5 billion and $2 billion.

The understanding is that Keppel's earlier price expectations were about $2 billion, but that was about a year ago in a much different market, where interest rates were low and buyer activity was rampant among infrastructure funds. It has been suggested it was Stonepeak's interest in Ixom that got the ball rolling for a sale process in the first place. Other bidders, including Viva Energy Group Limited (ASX:VEA) together with bulk liquid storage company Quantem, and Apollo Global Management, Inc. (NYSE:APO) with PT.

Chandra Asri Petrochemical Tbk (IDX:TPIA), have not been around the situation of late. Working for Chandra Asri and Apollo were Deutsche Bank, while UBS was working with Viva Energy and Stonepeak was thought to be close to RBC.