Macquarie Sells 7% Stake in LG CNS and Speeds Up Korean Asset Sales
Macquarie Asset Management has sold around 7% of its stake in LG CNS Co., the IT services arm of South Korea’s LG Group, through a block sale valued at approximately $310 million, representing a 9% discount. The deal marks part of Macquarie’s broader move to offload several major Korean assets.
Approtium Sale in Progress
The firm has initiated the sale of its stake in Approtium, South Korea’s largest commercial hydrogen producer. The expected transaction value could exceed 1 trillion won, roughly $770 million, according to investment banking sources on Friday.
Hotel Divestment with KB Asset Management
In another move, Macquarie is preparing to sell the Four Points by Sheraton Josun hotel in Seoul Station for about 170 billion won ($118.7 million) to KB Asset Management. The sale aligns with Macquarie’s strategy to streamline its South Korean portfolio.
DIG Airgas Stake Sale
Macquarie has also started the process of selling off its entire stake in DIG Airgas Co., the third-largest industrial gas producer in South Korea. If completed, it would represent one of the largest buyout deals in the country’s industrial sector.
New Investment: Hanam IDC Data Center
Despite the sell-offs, the Macquarie Korea Infrastructure Fund (MKIF) continues to invest selectively. It recently finalized an agreement to acquire a 40-megawatt data center in Hanam from IGIS Asset Management for 734 billion won ($538 million).
“Macquarie Asset Management continues to rebalance its South Korean portfolio through strategic divestments and targeted acquisitions,” said an industry source.
Summary
Through a series of major transactions, Macquarie Asset Management is reshaping its investment presence in South Korea by exiting mature holdings and reinforcing its infrastructure positions.
Author’s summary: Macquarie rapidly restructures its South Korean investments, selling key stakes while strengthening its infrastructure portfolio with a major data center acquisition.