Macquarie Asset Management has agreed a revised take-private of South Korean internet infrastructure company Gabia at KRW53,000 a share and will also bid for its listed subsidiary KINX at KRW190,000 a share, according to a Gabia regulatory filing on 28 October 2026.
Why Macquarie Asia-Pacific Infrastructure Fund 4 (Macquarie Asset Management), via Korea Internet Infra Holdings is buying Gabia Inc. and KINX Inc.
The deal is designed to end the double listing of Gabia and its subsidiary KINX and simplify the group's structure. Gabia's management will roll part of its shares into the acquisition vehicle and continue to run the business.
Deal terms and financing
Gabia's founder Kim Hong-guk and related parties agreed on 27 October to transfer 3.27m shares, or 24.37%, to Korea Internet Infra Holdings for KRW173.3bn: 538,900 shares for KRW28.6bn in cash and the rest as a contribution in kind. Align Partners, Miri Capital and Gumshoe Capital also signed agreements to sell. Macquarie will tender for all remaining Gabia and KINX shares with no minimum or cap, and plans to delist both.
Regulatory approvals and timing
The tender offers will start within 10 business days of government approval, including a foreign-investment security review by the Ministry of Trade, Industry and Energy and Korea Fair Trade Commission merger clearance. They will not open if approvals are not obtained.
Market context
Macquarie's first offer of KRW48,000 a share, launched in July, closed on 17 September with about 5.4% of shares tendered and lapsed after activist opposition. Gabia rose about 26% and KINX about 30% on 28 October.
