Swedish EQT Partners to take over SK shieldus for $2.3 billion

A cyber security center at the SK shieldus office in Pangyo, Gyeonggi [SK SHIELDUS]

SK shieldus, a security system company, will be sold to EQT Partners, a Swedish private equity firm, for 3 trillion won ($2.3 billion).

EQT Partners will acquire a 30 percent stake in SK shieldus from SK Square, which currently holds a majority 63.13 percent of the company, according to industry sources.

The private equity firm will also purchase the remaining 36.87 percent stake held by a Macquarie Korea Asset Management-led consortium.

When the deals close, EQT Partners will be SK shieldus’ largest shareholder.

SK Square and SK shieldus did not confirm the deal.

The official announcement from the company is expected to be made by SK Square Vice Chairman Park Jung-ho in a press conference slated for Tuesday during the MWC 2023 event in Barcelona.

SK shieldus withdrew its plan to go public in May last year, and has been in discussion with EQT Partners for a stake sale deal since November.

In 2018, SK shieldus, then ADT Caps, was acquired by SK Telecom and the Macquarie consortium for 2.97 trillion won. The company was later placed under SK Square as the parent company spun off from SK Telecom.

EQT Group has about 113 billion euros ($119 billion) in assets under its management, and its main shareholder is Investor AB, the investment vehicle of the Wallenberg family, an influential Swedish business dynasty.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]