This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:14 p.m. on Jul. 14, 2026.
As global private equity firm Kohlberg Kravis Roberts (KKR) moves to sell its tank terminal businesses in Korea and Japan, the takeover race has reportedly narrowed to five or six bidders.
Actis, a U.K.-based infrastructure manager that is relatively unfamiliar in Korea, also jumped into the bidding. Actis is said to have offered the highest price in the preliminary bid, but in Korea it has focused on project-style investments—working in the commercial real estate market and directly developing data centers—rather than acquiring large infrastructure already in operation. Because there is no confirmed record of acquiring assets such as liquid cargo tank terminals that require operational expertise, views in the industry are split on whether it can complete the transaction.
According to the investment banking (IB) industry on the 14th, KKR and sale lead Nomura Securities recently shortlisted five to six qualified bidders for Central Terminal Korea (CTK) and Japan's Central Tank Terminal (CTT). The bidders are currently conducting due diligence, and the main bid is scheduled for mid next month.
The sale price circulating in the market is around 800 billion won for CTK and CTT combined. The revenue split is about 55% for Japan's CTT and 45% for Korea's CTK, but Korea's EBITDA growth rate is said to be much higher. CTK's EBITDA last year was about 22 billion won, up about 30% from the 2023 EBITDA (about 17 billion won) before KKR acquired it.
Industry watchers say that when CTK was an affiliate of Taeyoung Group, operational efficiency and capital expenditures were insufficient, but profitability improved significantly after KKR's acquisition as the company began restructuring. Additional room remains for expansion and operational improvements.
Bidders differ on what they want to acquire. Actis, Bain Capital, and one mid-sized domestic manager are reportedly pursuing a plan to acquire only Korea's CTK. One bidder seeking to acquire only Japan's CTT is also said to be on the shortlist. MBK Partners and Japanese private equity firm Integral are pursuing a plan to acquire both the Korea and Japan terminals.
Actis is particularly notable in this takeover race. According to the industry, Actis is said to have written the highest price for CTK at the preliminary bid stage. Rather than acquiring assets in both Korea and Japan, it is interpreted as having offered an aggressive price by focusing on the Korean business, which has relatively stronger growth and profitability.
However, Actis is not a widely recognized manager in Korea's IB market. There are few cases where it has taken part in corporate control acquisitions or large infrastructure M&A. This transaction is also said to be led by the Singapore infrastructure investment team, not the domestic investment organization in Seoul.
Actis is a London-based infrastructure manager specializing in growth markets. It was established in 2004 when the direct investment division of the U.K. government development finance institution CDC Group was spun off. In Oct. 2024, it was acquired by U.S.-based growth investor General Atlantic (GA) and now operates as GA's sustainable infrastructure investment division. Total assets under management (AUM) are about $19 billion. It targets energy and digital infrastructure, transportation and logistics, and long-hold infrastructure as key investment areas.
Actis has so far focused on real estate and data center development in Korea. After entering the domestic data center market in 2020, it developed a 26-megawatt (MW) data center in Hogye-dong, Anyang, Gyeonggi, with GS Engineering & Construction. It also built 26 MW-class data centers near Yangpyeong-dong and Mok-dong in Seoul and is pursuing a separate 65 MW-class data center development in the greater Seoul area.
Actis's data center investments executed in Korea have been development-type projects in which it secured land and power, raised capital to build facilities, attracted tenants, and increased asset value. In contrast, acquiring CTK is a transaction to take over management control and operational responsibility for a company already in operation. Beyond reliably operating storage tanks and port unloading facilities, it must also manage contractual relationships with major shippers and safety and environmental regulations, which differs from the investments Actis has previously made in Korea. For this reason, the Singapore infrastructure investment team is seen as having had to step in directly for this takeover race.