Sweden’s Wallenberg family moves to invest in ADT caps at SK Group
Sweden’s Wallenberg family markets equity investments in SK Group’s ADT Caps through EQT Partners, Sweden’s largest private equity fund operator established by the Swedish business empire.
ADT Caps, a subsidiary of SK Telecom, calls for an IPO for 300 billion won. EQT Partners has so far invested in North American and European markets. Recently, it has started looking for investment opportunities in the Asian market and has chosen ADT Caps as its first investment destination in Korea.
EQT Partners is considering investing a total of 300 billion won to acquire some of the old shares owned by Macquarie Asset Management Fund, the second largest shareholder in ADT Caps, and new shares to be issued by ADT Caps. Meritz Securities has also expressed its intention to invest in ADT Caps, but SK Group chairman Chey Tae-won is known for leaning towards the Wallenberg family.
When the deal is covered, EQT Partners will be the third largest shareholder in ADT Caps. EQT Partners was launched by the Wallenberg family in 1994. The family is Sweden’s leading corporate dynasty that has run a number of companies over five generations for 160 years. Its subsidiaries include AstraZeneca, manufacturer of telecommunications equipment Ericsson, manufacturer of household appliances Electrolux and the heavy industry company ABB and banks.
EQT Partners’ assets under management (AUM) amount to EUR 67 billion. The company invests in various areas, including real estate and credit services as well as equities and venture capital companies. Major domestic institutional investors, including Korea Post, invested € 15.6 billion in the EQT No 9 Fund (EQTIX) set up in April 2021.
ADT Cap’s largest shareholder is SK Telecom, which has a share of 62.6 percent. Macquarie holds the remaining 37.4 percent. SK Telecom and Macquarie acquired a 100 percent stake in ADT Caps for 2.97 trillion won from Carlyle Group, a global private equity fund, 2018.