이 기사는 2022년 04월 25일 08시07분 thebell에 표출된 기사입니다

Macquarie Group is expanding its infrastructure footprint in South Korea with a bid for SK Materials Airplus’s industrial gas assets, emerging as the frontrunner in the bidding race.

SK Materials Airplus recently received preliminary bids for its industrial gas assets in Icheon, Gyeonggi Province, according to sources. Macquarie, KKR and Brookfield Asset Management are preparing for the final round of bidding, which will take place as soon as later this month.

The price tag for the assets is estimated to be around 200 billion won ($161.3 million). It is said the winning bidder will also likely be granted a right of first refusal to acquire the seller’s other industrial gas assets in Cheongju and Ulsan – which will bring the total acquisition cost to over 1 trillion won.

SK Materials Airplus produces industrial gases like oxygen and nitrogen and supplies them by pipelines and tank trucks. It generates stable cash flows, counting SK Hynix and SK Energy among its customers with long-term contracts.

With its strong track record in the industrial gas sector, Macquarie is widely viewed as the frontrunner in the bidding war.

The Australia-headquartered firm acquired 100% of DIG Airgas, formerly known as Daesung Industrial Gases, from peer MBK Partners for about 2.5 trillion won in 2020. It also purchased South Korea’s biggest hydrogen producer Deokyang for 860 billion won in 2021.

It is likely Macquarie will enjoy bigger synergies from its potential acquisition of SK Materials Airplus’s assets than rival bidders thanks to its existing portfolio companies with solid positions in the country’s industrial gas market – potentially enabling it to offer a more competitive bid.

Macquarie reportedly offered a bid of roughly 15 times earnings before interest, tax, depreciation and amortization (EBITDA) to take over Deokyang last year, much higher than the industry average of 10-12 times EBITDA.

However, it is hard to predict who will ultimately win the race, industry watchers said, because the other two bidders, KKR and Brookfield Asset Management, are both deep-pocketed investment firms.

Especially, KKR competed with Macquarie in a two-way bidding war for DIG Airgas in 2019. The US private equity firm also invested 2.4 trillion won in SK E&S last year, strengthening its relationship with SK affiliates. (Reporting by Byung-keun Kam)