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THE INVESTOR
December 12, 2018
Big Reunion

Deals

Carlyle in talks with CVC-led consortium for ADT Caps sale

  • PUBLISHED :February 20, 2018 - 10:52
  • UPDATED :February 20, 2018 - 10:57
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[THE INVESTOR] US private equity giant Carlyle Group has started talks with a consortium led by CVC Capital Partners to sell ADT Caps, the nation’s No. 2 security firm, according to industry sources on Feb. 20.

Canada’s Brookfield Asset Management and Singapore’s sovereign wealth fund GIC have also joined the consortium.

Carlyle, which acquired ADT Caps for 2.6 trillion won (US$2.42 billion) in 2014, reportedly hopes to sell the firm for 3 trillion won -- one of the largest deals here this year. The firm’s EBITDA was about 250 billion won in 2016. 




Related:
Carlyle’s David Rubenstein visits Seoul
Bidding for ADT Caps sees lukewarm start
4 bidders shortlisted to buy CJ HealthCare


CVC, the world’s sixth-largest private equity firm, is pinning high hopes on the deal to expand its presence in Korea. It is also joining another 1 trillion won deal to acquire CJ HealthCare, the 10th-largest drug maker affiliated with CJ Group.

Brookfield is known for 2.55 trillion won acquisition of the International Financial Center buildings in Yeouido, Seoul, in 2016.

For now, the CVC consortium is the sole bidder for the final talks, but Australia’s largest investment bank Macquarie Group is likely to submit its bid later this week. Sources say Macquarie, one of the shortlisted bidders, asked to extend the deadline to Feb. 23 as its talks with other consortium partners have been delayed.

Cash-abundant Macquarie has heavily invested in the nation’s diverse infrastructure projects like highways and tollgates. Macquarie Asset Management recently raised a new infrastructure fund worth 740 billion won.

By Lee Ji-yoon (jylee@heraldcorp.com)

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