Carlyle buys $510 mil. stake in logistics arm of Hyundai Motor Group
Private equity giant Carlyle Group bought a 10 percent stake in logistics company Hyundai Glovis worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday.
The shares in the Hyundai Motor affiliate were sold by Hyundai Motor Group Chairman Chung Euisun and Honorary Chairman Chung Mong-Koo, Hyundai Glovis said in a regulatory filing. Chung Mong-Koo and Chung Euisun are father and son.
"Carlyle's deep sector expertise and strong operational value-creation capabilities will benefit the corporate value and the shareholder value of Hyundai Glovis going forward," the group said in a statement.
Carlyle did not immediately respond to a request for comment.
South Korea recently strengthened its antitrust regulations against listed companies with more than 20 percent held by owner families, down from a 30 percent stake. (Reuters)