Global private equity fund (PEF) manager Macquarie Asset Management sold an additional 8.3% remaining equity in LG CNS through an after-hours block deal. The total is 530 billion won.
On the 28th, according to the investment banking (IB) industry, Macquarie Asset Management's special purpose company (SPC) "Crystal Korea" conducted book-building to sell about 8 million LG CNS shares via a block deal the previous day. The per-share sale price was finalized at 66,800 won, a 7.2% discount to the closing price of 72,000 won on the 27th, and the total transaction amount is about 536 billion won.
This transaction was carried out as a club deal that allocates equity to multiple institutional investors. The block deal bookrunners are four firms: Goldman Sachs, JPMorgan, Morgan Stanley, and Bank of America (BoA).
Macquarie became the second-largest shareholder in April 2020 by acquiring a 35% equity stake (30,519,074 shares) in LG CNS from LG Corp. for about 1 trillion won. It later sold equity stakes of 5.57% (5.4 million shares) and 7% (7.4 million shares) via block deals in two tranches in Aug. and Nov. last year. The amounts recovered at the time were reportedly about 348 billion won and 446 billion won, respectively. When LG CNS went public in Feb. last year, Macquarie also sold 9,688,595 existing shares to recover about 600 billion won.