[DigitalToday reporter Chi-gyu Hwang (황치규)] Global private equity firm EQT will turn enterprise software company Douzone Bizon, in which it secured management control last year, into an unlisted company. Buying a listed company, taking it private and later pursuing a sale or relisting at an appropriate time is often done in the global private equity industry.

EQT will launch a tender offer for 57.7 percent of Douzone Bizon shares at 120,000 won per share. The tender offer runs until March 24. EQT will buy all shares tendered.

EQT said, "After reviewing Douzone Bizon's future governance structure, we concluded that making it a wholly owned subsidiary and delisting it is in our interests. After delisting, we will develop the company from a longer-term perspective."

Earlier, in November last year, EQT signed a share purchase agreement (SPA) to buy 34.8 percent of Douzone Bizon for a total of 1.32 trillion won. The deal was centered on buying Kim Yong-woo (김용우), chairman of Douzone Bizon, 23.2 percent stake and 14.4 percent held by Shinhan Financial Group affiliates. EQT then decided on a tender offer for the remaining shares after government approval procedures were completed, including a Fair Trade Commission review of the business combination and a foreign investment security review by the Ministry of Trade, Industry and Energy.

EQT set the tender offer price at 120,000 won per share, the same as the price paid for the controlling stake. The company added, "We expect to secure a significant stake in Douzone Bizon through the tender offer."