Singapore state investment firm Temasek Holdings is in advanced negotiations to acquire a minority stake in Quest Global Services, a deal that would value the engineering solutions provider at approximately $4.6 billion, according to people familiar with the matter. Sources told Bloomberg that the potential transaction would involve Temasek purchasing around 5% of the company as part of a pre-initial public offering funding round.
The discussions remain ongoing, and the final structure of the deal could evolve as additional investors consider joining the round, the sources said. They requested anonymity due to the private nature of the talks. Temasek declined to comment on the reported negotiations, while Quest Global did not respond to Bloomberg’s inquiries seeking confirmation.
The potential investment comes as Quest Global prepares for an initial public offering in India, positioning itself among a growing cohort of firms tapping the country’s strong capital markets. The company’s valuation has surged in recent years; it was last valued at about $1.8 billion when Carlyle Group acquired a stake in 2023, according to people familiar with that transaction.
Quest Global provides engineering and manufacturing solutions across a broad range of industries, including aerospace and defense, automotive, energy, technology, health care and semiconductors. Its client base spans major global corporations seeking specialized design, development and digital engineering services. As part of its strategic shift toward public listing, the company is relocating its domicile from Singapore to India, a move first reported by the Economic Times in September.
The anticipated Temasek investment marks another significant step in the buildup to the IPO, reflecting growing investor interest in India’s engineering and technology services landscape.
