Macquarie buys $800 mn stake in LG Group’s IT firm
By Dec 07, 2019 (Gmt+09:00)
Alibaba eyes 1st investment in Korean e-commerce platform
Blackstone signs over $1 bn deal with MBK for 1st exit in Korea
NPS loses $1.2 bn in local stocks in Q1 on weak battery shares
OCI to invest up to $1.5 bn in Malaysia’s polysilicon plant
Korea's Lotte Insurance put on market for around $1.5 bn
Macquarie’s South Korean unit signed a definitive agreement on Dec. 6 to buy a non-controlling stake in LG CNS Co. Ltd., an IT services arm of LG Group, for 951.6 billion won ($800 million), according to a source with knowledge of the matter.
Under the transaction, Macquarie Korea Opportunities Management Ltd. has acquired a 35% stake, or 30.5 million shares, in the system integration company from LG Corp.
In a regulatory filing on Nov. 28, LG Corp. said the stake sale was aimed at improving business competitiveness of LG CNS. Its holding in the IT company was reduced to 49.95% from 85%.
For the stake deal, Macquarie Korea, led by Eric Yong Hwan Kim, nudged out the other shortlisted bidder KKR & Co.
It was Macquarie’s first major investment deal in South Korea since it acquired ADT Caps, a security services firm, for $2.5 billion in October 2018, in a consortium with SK Telecom Co. Ltd.
The deal, handled by JPMorgan, will be finalized around next February after going through the regulatory process, the source said.
Write to Dong-hun Lee at leedh@hankyung.com">
leedh@hankyung.com
(Photo: Getty Images Bank)
Yeonhee Kim edited this article
-
Mergers & AcquisitionsBlackstone signs over $1 bn deal with MBK for 1st exit in Korea
Apr 22, 2024 (Gmt+09:00)
-
Private equityAffinity to buy SK Rent-a-Car at $572 mn, more deals expected
Apr 16, 2024 (Gmt+09:00)