Sweden’s EQT Partners may buy major stake in SK shieldus after IPO cancellation

EQT Partners, a private equity firm under Swedish conglomerate Wallenberg group, could buy a sizeable stake in SK shieldus, the top cyber security service provider in South Korea.

SK square, the largest shareholder of SK shieldus with a 63.13 percent stake, in a regulatory disclosure on Wednesday said it is reviewing options of raising new investment capital and selling stakes to fund new growth opportunities. It called off a plan to list SK shieldus in the second half due to poor stock market conditions.

The disclosure was made after a local media reported that a discussion is underway for EQT Partners to acquire a sizeable stake in SK shieldus.

It is said the Swedish firm is in talks to take over the entire 36.87 percent stake in SK shieldus held by a Macquarie Korea Asset Management-led consortium, the second largest shareholder of the security firm, plus additional SK shieldus shares, which have yet to be issued.

The acquisition could make EQT Partners the largest shareholder of SK shieldus.

SK shieldus confirmed of negotiation taking place but added that no detailed decision has been made yet.

The IT security service provider under SK Group, the second largest-conglomerate in South Korea based on assets, is estimated to be worth between 4 trillion won and 5 trillion won ($3.5 billion).

On Thursday, SK square shares closed 0.94 percent lower at 36,850 won. SK shieldus is not listed.

By Pulse