Macquarie cuts holdings in LG CNS and other South Korean assets
Macquarie Asset Management has sold around 7% of its stake in LG CNS Co., the IT services arm of South Korea’s LG Group, in a block deal worth approximately $310 million, executed at a 9% discount to market value.
Hydrogen business divestment
The firm has also initiated the sale of Approtium, South Korea’s largest commercial hydrogen producer. The transaction is expected to exceed 1 trillion won ($770 million), according to investment banking insiders.
Hotel sale in Seoul
Macquarie plans to sell the Four Points by Sheraton Josun, Seoul Station, to KB Asset Management for about 170 billion won ($118.7 million). Industry sources indicated that the deal is moving toward completion soon.
Industrial gas producer sale
The company has begun the process of selling its full 100% stake in DIG Airgas Co., South Korea’s third-largest industrial gas producer. If completed, it could become one of the largest private equity deals in the country.
Data center acquisition
Meanwhile, Macquarie Korea Infrastructure Fund (MKIF) has struck a deal to acquire a 40-megawatt data center located in Hanam from IGIS Asset Management for 734 billion won ($538 million).
“Macquarie is actively rebalancing its South Korean portfolio amid growing investor interest in energy and data infrastructure,” said an investment banking source.
Summary
Macquarie Asset Management is realigning its South Korean holdings, divesting from energy and hospitality assets while expanding its footprint in the data infrastructure sector.