EQT Partners (EQT Infrastructure VI) acquires 68% of SK Shieldus for KRW 2tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $1.4bn
- Stake
- 68%
- Implied 100%
- $2.0bn
- Revenue
- $1.2bn
- Op. income
- —
- Multiples
- PSR 1.6x
Deal value ÷ stake (structure unconfirmed)
2022 · Multiple reports agree
2022 · Multiple reports agree
On implied equity value
- Target
- SK Shieldus · Security services (physical & cyber)
- Buyer
- EQT Partners (EQT Infrastructure VI) · FI
- Seller
- SK Square (partial) and Macquarie Asset Management consortium (full exit)
- Structure
- —
- Announced
- Mar 6, 2023
- Closed
- Jul 20, 2023
- Stage
- Closed
Target
SK Shieldus is a security company spanning cyber security, converged security, physical security and safety/care, formed in 2021 through the merger of SK Infosec (information security) and ADT Caps (physical security). It has subsidiaries in the US, China and Hungary.
Deal rationale
SK Square vice chairman Park Jung-ho said the company would partner with EQT for SK Shieldus' future growth and pursue a global expansion strategy, with proceeds going to shareholder returns and investment. SK Square described the deal as its first full investment cycle (invest, grow value, realize returns) since its spin-off. Reports said EQT offered a valuation above the earlier IPO range (over KRW 5tn including equity value and debt), citing synergies with its security holdings such as Securitas, with the stated goal of growing SK Shieldus into a global total security company. The Macquarie Asset Management consortium sold its entire 36.9% stake.
| Revenue | $1.2bn |
| Operating income | — |
| EBITDA | $286m |
| Net income | — |
2022 · Multiple reports agree (not yet checked against DART)
Press coverage
- 아주경제 (2023-07-20): “SK쉴더스 지분 일부 매각 절차를 모두 완료”
- 아시아경제 (2023-06-19): “EQT파트너스 68%, SK스퀘어 32%”
- 뉴시스(다움) (2023-03-01): “발렌베리家·SK스퀘어 “SK쉴더스 공동경영…글로벌로 간다""
- 뉴데일리경제 (2023-03-01): “지난해 SK쉴더스의 매출, 상각 전 영업이익(EBITDA)도 1조 7928억원, 4152억원으로”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.