(Corrects to add media packaging code and dropped word "of" to the headline) (Reuters) -Swedish investment firm EQT said on Friday it would invest about $930 million in South Korea's Douzone Bizon to
Swedish firm EQT shells out $930 million for a slice of South Korea's Douzone...
EQT's Strategic Investment in Douzone Bizon
(Corrects to add media packaging code and dropped word "of" to the headline)
(Reuters) -Swedish investment firm EQT said on Friday it would invest about $930 million in South Korea's Douzone Bizon to take up a 37.6% stake in the enterprise software provider, marking one of its largest bets in Asia this year.
EQT said it had signed a share purchase agreement under which it would buy a 23.2% stake in Douzone Bizon from Chairman Young-woo Kim and a 14.4% stake owned by affiliates of Shinhan Financial Group.
Details of the Share Purchase Agreement
Founded in 1991, Douzone Bizon develops enterprise resource planning, or ERP, and business software for small- and medium-sized companies, offering a suite of cloud-based services for accounting, tax, and compliance management.
EQT's Long-Term Vision for Douzone Bizon
EQT said it plans to take a long-term approach with the investment, focusing on improving operations and strengthening the company's core business.
Commitment to South Korean Market
The firm said the move reflects its continued commitment to South Korea and its broader push to expand across Asian markets.
The deal will be made through BPEA Private Equity Fund IX, which will be about 5% to 10% invested following completion, and is subject to customary regulatory approvals, including merger clearance from the Korea Fair Trade Commission and licensing authorization from the Ministry of Trade, Industry and Resources.
(Reporting by Atharva Singh in Bengaluru; Editing by Alan Barona)
