이 기사는 2019년 11월 27일 08:00 thebell 에 표출된 기사입니다.

Macquarie Korea Opportunities Investment (Macquarie PE) has approached MBK Partners to acquire Daesung Industrial Gases with detailed plans.

According to industry sources on November 21, Macquarie PE recently selected bookrunners to arrange acquisition financing for the gas company. It is reportedly KB Securities and Samsung Securities picked as bookrunners. The PE firm is expected to make acquisition using acquisition financing and its blind funds investing in infrastructure-related assets.

It is said that Macquarie PE has shown its interest in the gas company for several months. As this is not a public bidding, there were just rumors that Daesung Industrial Gases could be soon put up for sale. Given rumors about it began to circulate a few months ago, it is said the PE firm has set its sights on the company over the past few months.

MBK Partners, South Korean PE firm, bought a 100 percent stake in the gas company from a consortium of Daesung Group Partners and Goldman Sachs in March of 2017 in a deal that valued the company at nearly 1.87 trillion won. As it has been only a little over two years since the acquisition was closed, many people have doubted the possibility of the sale. Recently, however, concrete evidence that some potential buyers set their sights on the gas company has been heard, with the number of funds investing in infrastructure-related assets continuing to increase.

Earlier this year Macquarie PE also attempted to acquire industrial gas supplier Linde Korea, which ended up being sold to IMM Private Equity. In this light, Daesung Industrial Gases could be an attractive target to Macquarie PE to make up for a previously unsuccessful bid.

Although it is not directly mentioned by parties in the transaction, the market widely sees Macquarie PE already hired advisors and kicked off the acquisition process. Macquarie PE is expected to conduct a due diligence soon.

The issue is the price gap. The buy-side's desired price is said to be around 2.5 trillion won while MBK Partners wants more than that, considering the value of the company. Investment banking industry sources say it is too early to predict the result of the potential deal as MBK Partners may not negotiate with Macquarie PE unless the price gap closes as the exit timing is still early.

Under the MBK Partners' ownership, the gas company has become a more attractive target with stable earnings performance. The consolidated revenue of the company has trended upward for the last two years, from 512 billion won at the end of 2016 to 540 billion won in 2017 and 567 billion won in 2018. During the same period, its operating income and EBITDA also increased from 65 billion won to 94 billion won and from 117 billion won to 149 billion won, respectively. The company posted the EBITDA margin of 26.4 percent at the end of 2018.

(By reporters Han Hee-yeon and Kim Hye-ran)