Macquarie Asset Management (Macquarie PE), a private equity fund operator and the second-largest shareholder of LG CNS, sold 5.6% of LG CNS equity, equivalent to 347.9 billion won, through an off-hours block trade.
According to the investment banking (IB) industry on the 6th, Crystal Korea, a special purpose company (SPC) established by Macquarie PE to invest in LG CNS, sold 5.4 million shares (5.6% equity) in a club deal. The LG CNS equity was sold for 64,400 won, which is 8.4% lower than the closing price of 70,300 won on that day.
This block deal was handled by Goldman Sachs, JP Morgan, Morgan Stanley, and KB Securities. Macquarie PE's equity was jointly acquired by eight foreign investors.
In April 2020, Macquarie PE invested more than 1 trillion won to acquire 35% (30,519,074 shares) of LG CNS from LG. After LG CNS was listed on the securities market on February 5 this year, Macquarie PE sold 9,688,595 shares from its holdings to secure approximately 600 billion won.
After six months of LG CNS's listing and the lifting of the mandatory holding requirement, Macquarie PE sought to recover its investment through a block deal. The block deal price of 64,400 won is double the acquisition price of 32,828 won per share when Macquarie bought the equity.