Macquarie Asset Management’s private equity arm has halted negotiations to sell its controlling stake in S&I Corp. after prospective buyers failed to bridge a valuation gap in a cautious mergers and acquisitions market. Macquarie PE has little immediate pressure to accept a discount because it has recovered an estimated 134 billion won, or 67% of its approximately 200 billion won equity investment, through dividends and a recapitalization. S&I distributed 90 billion won in dividends over the past three years, while refinancing returned 80 billion won to equity investors. Macquarie PE continues to hold a 60% stake and is expected to monitor S&I’s growth businesses, including data centers and integrated asset management, before reconsidering a sale when market conditions improve.