SK square Co. sold its stake in the cybersecurity company, SK shieldus Co., to the Stockholm-based investment firm EQT Partners AB for 860 billion won ($673 million), according to the company on Thursday.

Once EQT Partners completes the issuance process of new shares for SK shieldus, the final ownership structure of the company will change to 68 percent held by EQT Partners and 32 percent held by SK square, SK square announced, from the previous ownership structure with SK square holding a 63.1 percent stake and the Macquarie Asset Management consortium a 36.9 percent stake.

Out of the total 860 billion won, 410 billion won was paid on that day, and the remaining 450 billion won will be paid back within two years.

In March, SK square announced its vision to collaborate with EQT Partners and jointly manage SK shieldus. In June, they successfully completed all government regulatory approvals, including the merger review by competent Chinese, European, and Korean authorities.

With the 860 billion won it secured, SK square is now equipped with stable cash flow and can accelerate its steps as an investment company. This sale marks their first major investment full cycle from investment and corporate value enhancement to realization of profits, according to the company.

In 2021, SK shieldus merged with ADT CAPS Co. and SK Infosec Co., the leading domestic cybersecurity company, and changed its name to SK shieldus.

Following the merger, the company has established four main business divisions, including cybersecurity led by Infosec, convergence security based on its artificial intelligence-driven convergence security platform SUMiTS, physical security led by ADT CAPS, and safety and care which includes overarching services from unmanned stores and parking to smart home safety, hygiene, and senior care.

By Na Hyun-joon and Chang Iou-chung

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