Macquarie Asset Management (Macquarie), an Australian multinational investment banking and financial services group, is set to acquire controlling stakes in South Korean IT infrastructure provider Gabia and its subsidiary KINX after agreeing to buy shares from their major shareholders.
According to a company press release, Macquarie will acquire the entire shareholdings of Gabia management, Align Partners, Miri Capital and Gumshoe Capital for KRW 53,000 (US$ 40) per Gabia share and KRW 190,000 (US$ 142) per KINX share through Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF4).
“Korea is a key market for Macquarie, where we continue to see compelling opportunities as its digital economy continues to grow,” said Verena Lim, Co-Head of Asia-Pacific Infrastructure, Macquarie Asset Management and Asia CEO, Macquarie Group. “This transaction provides shareholders with an attractive opportunity to realise value, while establishing a simpler ownership structure to support the next phase of growth for Gabia and KINX.”
As part of the transaction, certain members of Gabia’s management team will contribute a portion of their existing shareholdings to the acquiring special purpose company (SPC) in exchange for an ownership interest, while retaining their management positions and continuing to oversee the businesses.
The proposed buyouts would consolidate the two companies under a simplified ownership structure, replacing their current dual-listed arrangement, subject to foreign investment and national security reviews by the Ministry of Trade, Industry and Resources and merger clearance from the Korea Fair Trade Commission.