Private equity fund (PEF) manager Skylake Equity Partners took part in Align Asset Management's tender offer for A+ Asset and sold all of its holdings.
According to the Financial Supervisory Service's electronic disclosure system on the 22nd, Skylake participated in the tender offer conducted by Align Partners and sold 1,083,424 shares of its equity. The price was 9,000 won per share, with a total sale amount of about 9.75 billion won.
Earlier, Align Partners launched a tender offer to secure 4,501,192 shares of A+ Asset. It initially proposed a tender price of 8,000 won, but raised it to 9,000 won after the stock price exceeded that level. However, the tender result left it with only 1,616,694 shares actually secured.
Skylake also sold a 4.99% equity stake in A+ Asset to Align Partners in an after-hours block deal in the first half of this year. The transaction amount at the time was about 7.1 billion won.
Skylake invested 50 billion won in A+ Asset the following year through its 10th blind fund raised in 2016. It committed 20 billion won to bonds with warrants (BW) and 10 billion won to the purchase of existing shares. The remaining amount was used to acquire redeemable convertible preferred shares (RCPS).
Afterward, as A+ Asset pursued an initial public offering (IPO), it sold part of the existing shares and recouped capital. In addition, by selling all remaining equity to Align Partners this year, it completed its exit after about eight years.