Macquarie Asset Management agrees to acquire shares in Gabia and KINX

• Proposed transaction supports the simplification of Gabia and KINX’s dual-listed ownership structure
• Subject to regulatory approvals and other conditions, a tender offer is intended to provide all shareholders with the opportunity to sell their shares on the same terms

Macquarie Asset Management (“MAM”) today announced that Macquarie Asia-Pacific Infrastructure Fund 4 (“MAIF4”), a fund managed by MAM, has entered into agreements to acquire the entire shareholdings held by Gabia management, Align Partners, Miri Capital and Gumshoe Capital, major shareholders of Gabia and its subsidiary KINX, for KRW 53,000 per Gabia share and KRW 190,000 per KINX share.

As part of the transaction, members of Gabia’s management team have agreed to reinvest a portion of their Gabia and/or KINX shareholdings into the acquiring special purpose company (“SPC”) through an in-kind contribution. The management team will continue to lead the business and work alongside MAM to support the long-term growth of Gabia and KINX.

The transaction is intended to simplify the ownership and governance structure of Gabia and KINX and support their next phase of growth. By addressing the current dual-listed structure, it is expected to establish a clearer ownership framework and a more efficient decision-making structure. Following receipt of required regulatory approvals on the transaction and satisfaction of certain conditions, the SPC also intends to make tender offers in accordance with the applicable law for the remaining shares of both Gabia and KINX at the same respective price as the share purchase agreements, allowing all shareholders, including minority shareholders, to participate on the same terms.

Verena Lim, Co-Head of Asia-Pacific Infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said: “Korea is a key market for Macquarie, where we continue to see compelling opportunities as its digital economy continues to grow. Gabia and KINX have built strong businesses that play important roles in Korea’s digital infrastructure ecosystem, backed by experienced management teams and deep technical expertise. This transaction provides shareholders with an attractive opportunity to realise value, while establishing a simpler ownership structure support the next phase of growth for Gabia and KINX.  By bringing Macquarie Asset Management’s global experience in digital infrastructure together with Gabia and KINX’s local expertise, we look forward to supporting both businesses as they continue to grow and create long-term value.”

Macquarie Asset Management, one of the world’s leading infrastructure asset managers¹, has a strong track record in digital infrastructure globally, including investments in Aligned Data Centers, a leading U.S. data centre platform, and AirTrunk, the largest data centre platform in Asia-Pacific. In Korea, MAM has also invested across a range of digital and IT infrastructure assets, including LG CNS, the Hanam Data Centre, and recently established CoreHub, a data centre platform partnering with Gabia.

The transaction is subject to the satisfaction of certain conditions precedent, including receipt of all required regulatory approvals. As MAIF4 is a foreign investor, these include the relevant foreign investment and national security review process by the Ministry of Trade, Industry and Resources and merger clearance from the Korea Fair Trade Commission.

1. The IPE Real Assets Top 100 Infrastructure Investment Managers 2026 ranking was published in July 2026 and reflects the views of IPE Real Assets, not those of Macquarie.
   No individual involved in compiling the ranking is affiliated with Macquarie or an investor in any Macquarie-sponsored investment vehicle. No compensation, whether direct or indirect, was provided by Macquarie in connection with the award or ranking. 
   IPE Real Assets conducts surveys of infrastructure investment managers globally and publishes its rankings based on the results. The ranking was determined based on infrastructure assets under management (AUM) as at 31 December 2025.
   IPE Real Assets defines AUM as the sum of the gross asset value (GAV) of all managed assets and committed capital, including undrawn commitments.
   There can be no assurance that other rating or survey organisations, even if applying the same criteria, would reach the same conclusions.