Stockholm-based private equity major EQT announced on Friday that it has agreed to buy a majority stake in the South Korean integrated security services company SK Shieldus, from SK Square and Australia’s Macquarie Asset Management’s Infrastructure business.

SK Square is an affiliate of South Korea’s second-largest conglomerate SK Group.

Following the completion of the transaction, EQT will own a 68% stake in SK Shieldus, while SK Square will remain as a minority shareholder with a 32% stake.

The acquisition will allow SK Shieldus to leverage digital and connected infrastructure to deliver services that make Korean society safer from both physical and cyber threats, the statement said.

The deal is from EQT’s 21 billion euro Infrastructure VI fund, which was announced in February.

“The company is a clear leader in both the Korean physical and cyber security markets and EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitised security solutions and invest in the decarbonization of its vehicle fleet.” said Sang Jun Suh, Managing Director and Head of South Korea for EQT’s Infrastructure Advisory Team.

SK Shieldus will join a group of cybersecurity companies already in EQT’s global portfolio. These include EC-Council, acquired in September 2021; Basel-based Open Systems; San Francisco-based startup HackerOne; and Israeli startup CYE.

EQT is one of the biggest investors based in Europe, with some 50 billion euros in dry powder. The group invests across buyout, growth, infrastructure, and real estate strategies and its Asia unit had recently acquired Baring Private Equity Asia.