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Macquarie Korea Asset Management may join forces with LG CNS, in which the private equity firm is the second largest shareholder, to acquire TmaxSoft, South Korea’s number one player in the enterprise software market.

TmaxSoft and sale adviser Samjong KPMG last month shortlisted four bidders interested in acquiring a controlling stake in the company.

Among those to have advanced to the final round of bidding are cloud managed service provider Bespin Global and private equity investors MBK Partners, SkyLake Equity Partners and Macquarie. They have been conducting detailed due diligence over the past weeks.

Macquarie is being seen by some as the frontrunner in the bidding race for TmaxSoft, with the Australia-headquartered firm potentially considering teaming up with LG CNS as it seeks to create synergy between the two South Korean companies.

Macquarie specializes in investments in energy and infrastructure companies and smart infrastructure investments. In 2020 it acquired a minority stake in LG CNS, the system integration services arm of LG Corp, forming a partnership based on their shared vision for future growth.

As part of a bolt-on strategy, Macquarie and LG CNS may expand their partnership to jointly take over TmaxSoft, which many observers think would be the most efficient structure. The possibility cannot be ruled out that LG CNS may want to directly acquire a stake in TmaxSoft in partnership with Macquarie.

If Macquarie wins the bidding war, it is likely to fund the acquisition from its fifth South Korean fund, Macquarie Korea Opportunities Fund V, which closed at 650 billion won ($546.7 million) earlier this year.

The largest shareholder in LG CNS is LG Corp, with roughly a 50% stake. Macquarie is the second largest shareholder of the company, with about a 35% stake.

TmaxSoft and Samjong KPMG are expected to receive final bids from the shortlisted bidders in December, with the preferred buyer for the company expected to be chosen as early as the end of this year. (Reporting by Seon-young Kim)