Macquarie Asset Management's Recent Divestments in South Korea
Private equity firm Macquarie Asset Management has been actively reducing its holdings in various South Korean assets, including stakes in LG CNS and several prominent infrastructure and industrial companies.
Sale of LG CNS Stake
Macquarie sold about 7% of its stake in LG CNS Co., the IT services unit of South Korea’s LG Group, through a block sale valued at $310 million with a 9% discount.
Approtium Hydrogen Producer Sale
The firm has initiated the sale of Approtium, South Korea’s largest commercial hydrogen producer, in a transaction expected to exceed 1 trillion won ($770 million), according to investment banking sources.
Hotel Sale in Seoul
Macquarie is set to sell the Four Points by Sheraton Josun, a four-star hotel in Seoul, for approximately 170 billion won ($118.7 million) to KB Asset Management, as revealed by industry insiders.
Divestment of DIG Airgas
The company started the process to sell its entire stake in DIG Airgas Co., South Korea’s third-largest industrial gas producer, aiming for the country’s largest buyout deal.
Data Center Acquisition by MKIF
Macquarie Korea Infrastructure Fund (MKIF) signed an agreement to acquire a 40-megawatt data center from IGIS Asset Management Co. in Seoul, for 734 billion won ($538 million).
"Macquarie Asset Management is poised to sell key assets as part of a strategic reshaping of its South Korean portfolio," said an investment banking source.
Author's summary: Macquarie Asset Management is actively divesting key South Korean assets, including stakes in LG CNS, hydrogen, industrial gas, and real estate sectors, reflecting a strategic portfolio shift.