The deal will see private equity firm EQT Partners take a 67% stake in SK Shieldus
The deal will see EQT acquire the entirety of Macquarie Group’s 37% in the business, with the rest of the equity being purchased from SK Square directly.
After the sale, SK Square will retain a 32% stake in the business.
SK Shieldus currently provides security infrastructure across 680,000 commercial customer sites and more than 100 central monitoring and dispatch centres across South Korea. The company also provides options for both physical and cyber protection at strategic customer locations.
The company’s key partners include South Korea’s police and security services.
“The company is a clear leader in both the Korean physical and cyber security markets and EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitized security solutions and invest in the decarbonisation of its vehicle fleet,” said Sang Jun Suh, Managing Director and Head of South Korea for EQT’s Infrastructure Advisory Team.
As always, the transaction is subject to the typical regulatory approvals, with the deal expected to close in Q3 this year.
Originally named ADT Caps, SK Shieldus spun off and given its new name back in 2021, with the company saying it would leverage artificial intelligence, cloud computing and quantum-safe security capabilities, the company will double down on new growth engines. Its four major focuses were given as cyber security, physical security, convergence security and safety and care.
Following the spinoff, SK Group quickly planned an initial public offering worth around $2.8 billion. However, in September last year, SK Group said they had pulled the plug on a plan citing unfavourable global economic conditions.
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