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Carlyle buys $510 million stake in logistics arm from Hyundai Motor Group owner family members -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Euisun Chung is the executive chairperson of Hyundai Motor Company at CES 2022. It was held in Las Vegas Nevada on January 4, 2022. REUTERS/Steve Marcus

Joyce Lee, Heekyong Yang

SEOUL (Reuters). -Private Equity giant Carlyle Group Hyundai Motor Group announced Wednesday that it had purchased a 10% share in the logistics company Hyundai Glovis co Ltd for 611 billion won (510 million).

Hyundai Motor Group Chairman Euisun and Honorary Chairman Mong Koo, respectively sold the Hyundai Motor Affiliate shares. This was disclosed by Hyundai Glovis in a regulatory filing. Mong Koo Chung is father to Euisun Chung.

“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 didn’t immediately reply to our request for comment.

South Korea’s antitrust rules against listed companies holding more than 20% of their owners families has been strengthened.

($1 = 1,198.1300 won)

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