EQT to Invest $930 Million in Douzone, Sparking Slump in Shares

EQT AB has agreed to invest about $930 million in Douzone Bizon Co., a South Korean provider of enterprise resource planning software.

Douzone’s shares plunged as much as 28% Friday, their biggest drop in nearly 30 years. They pared the loss to 12% as of 1:10 p.m. in Seoul.

In a statement earlier Friday, Stockholm-based EQT said it will acquire a 23.2% stake held by Douzone Chairman Young-woo Kim and 14.4% from affiliates of Shinhan Financial Group Co., leaving it with 37.6% of shares outstanding.

EQT said it will initially prioritize internal investments and strengthening of Douzone’s business ...