LG CNS to use IPO proceeds to buy foreign IT firm

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The story "LG CNS to use IPO proceeds to buy foreign IT firm" was covered 3 days ago by Korea Economic Daily, a news publisher based in South Korea.

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LG CNS to use IPO proceeds to buy foreign IT firm - Korea Economic Daily

Quick Summary:

Of the total new share sales, 330 billion won will be used by LG CNS to buy a foreign IT service company, according to the prospectus.“The company will acquire a local IT service company in an overseas market to expand its footing in the global market,” the company wrote in the prospectus.“We are thoroughly reviewing potential candidates to determine the group of target companies.”The Korean IT service firm plans to buy a foreign IT firm sometime between 2025 and 2027 after investigating multiple candidates.

LG CNS Co., the information technology service unit of South Korea’s LG Group, plans to acquire a foreign IT company with the proceeds from its initial public offering planned for early next year, to use the firm as a springboard for its global expansion.

LG CNS is projected to spend more than 330 billion won on a future M&A, leveraging the experience of LG Group companies at using company funds for previous M&As.In 2018, LG Corp.and LG Electronics Inc.acquired Austria-based ZKW for 1.44 trillion won with company funds without taking out any loans.