(Reuters) – Private equity Five Point Energy LLC said on Friday it had sold its minority stake in midstream water firm WaterBridge Resources LLC to affiliates of Singapore’s sovereign wealth fund, GIC. The transaction, which has closed and is not subject to any conditions, implies an enterprise value of about $2.8 billion for WaterBridge, Five Point Energy said reut.rs/2M4W6aD in a statement. A Wall Street Journal report here, citing a person familiar with the matter, said GIC bought 20% of the company from Five Point Energy. Water management firms have been attracting investments since the job of supplying, collecting and disposing of water has spawned a $34 billion a year business in the United States on the back of the shale revolution. The average frack job now consumes 13 million gallons (49 million liters), up 40% in two years, according to a Reuters analysis of Permian producers’ data reported to FracFocus.org. Separately, Select Energy Services Inc, a company providing water services to shale drillers, is in the early stages of considering selling itself, according to a source-based report from Bloomberg on Friday. Select Energy did not immediately respond to a Reuters request for comment. Its shares were up about 6% at $12.54.