SkyLake Said to Agree to Deal for Korean SaaS Group BusinessOn

SkyLake Equity Partners has agreed to acquire a majority stake in software-as-a-service provider BusinessOn Communication Co., people familiar with the matter said.

Seoul-based investment firm SkyLake is buying a roughly 47% holding from Praxis Capital Partners and about another 24% from BusinessOn management, according to the people, who asked not to be identified discussing confidential information.

The transaction values South Korea-listed BusinessOn at almost $260 million and could be announced as soon as this week, the people said.

Representatives for BusinessOn, SkyLake and Praxis Capital couldn’t immediately be reached for comment outside of regular business hours in South Korea. ...