SOUTH KOREA - The National Pension Service is understood to be investing 250bn won ($234.3m) into a Korean-led consortium for its project to buy golfing equipment brand Titleist, according to reports.
The group, which is also thought to include the Government Employees Pension Service, reached an agreement with Fortune Brands two months ago to take over the US-based firm's golf equipment unit Acushnet for $1.23bn, the Korea Herald claimed.
Acushnet manufactures Titleist golf balls, FootJoy shoes and gloves and Scotty Cameron putters and last year posted sales of more than $1.2bn worldwide.
The NPS is the world's fourth-largest pension fund, with about 340trn won in assets under management. Earlier this year it said it aims to lift the stake of its overseas assets from around 12% to 20% by 2015.
The NPS was not immediately available for comment.
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