Singapore sovereign wealth fund GIC is reportedly preparing a bid for Rio Tinto’s infrastructure assets in Western Australia’s Pilbara region and Canada. The portfolio includes power and other infrastructure assets and is expected to be valued at approximately $7 billion. GIC has reportedly appointed JPMorgan to advise on the potential transaction.
Reports in August and September 2026 said Blackstone, Apollo Global Management and KKR were also interested in the assets. At the time, their estimated value was $2 billion to $3 billion. GIC’s reported interest adds a major sovereign wealth fund to the potential bidders and points to a potentially higher valuation than earlier estimates.
A formal sale process has been anticipated for several months. Morgan Stanley is reportedly advising Rio Tinto on the divestment. No specific market reaction to GIC’s potential bid has been reported.